DJ Custodian Property Income REIT plc: Results of Annual General Meeting
Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Results of Annual General Meeting
08-Aug-2024 / 15:06 GMT/BST
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8 August 2024
Custodian Property Income REIT plc
("Custodian Property Income REIT" or "the Company")
Results of Annual General Meeting
Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a
diversified portfolio of smaller, regional properties with strong income characteristics across the UK, is pleased to
announce that following the Annual General Meeting ("AGM") of the Company held earlier today, all resolutions were
approved on a poll. A summary of the results of the poll are set out below:
% of Votes % of % of Votes
Resolution Votes for votes against votes Votes total ISC withheld**
cast cast voted*
ORDINARY RESOLUTIONS
To receive and adopt the Company's
1 report and accounts for the financial 119,494,619 99.6% 420,842 0.4% 119,915,461 27.2% 631,675
year ended 31 March 2024
2 To approve the directors' remuneration 119,617,202 99.3% 887,556 0.7% 120,504,758 27.3% 42,378
report for the year ended 31 March 2024
3 To re-elect David MacLellan as a 103,986,142 86.3% 16,539,207 13.7% 120,525,349 27.3% 21,787
director
4 To re-elect Hazel Adam as a director 114,876,483 95.3% 5,650,866 4.7% 120,527,349 27.3% 19,787
5 To re-elect Malcolm Cooper as a director 114,827,428 95.3% 5,697,921 4.7% 120,525,349 27.3% 21,787
6 To re-elect Chris Ireland as a director 114,827,428 95.3% 5,697,921 4.7% 120,525,349 27.3% 21,787
7 To re-elect Ian Mattioli as a director 98,524,461 81.7% 22,000,888 18.3% 120,525,349 27.3% 21,787
8 To re-elect Elizabeth McMeikan as a 90,765,247 75.3% 29,762,102 24.7% 120,527,349 27.3% 19,787
director
9 To re-appoint Deloitte LLP as auditor to 119,605,017 99.6% 485,078 0.4% 120,090,095 27.2% 457,041
the Company
10 To authorise the directors to agree and 119,699,112 99.6% 438,023 0.4% 120,137,135 27.3% 410,001
fix the auditor's remuneration
To grant the directors' authority to
11 allot ordinary shares in the capital of 115,455,812 96.1% 4,646,783 3.9% 120,102,595 27.2% 444,541
the Company
To disapply statutory pre-emption rights
12 on the allotment of ordinary shares in 119,555,044 99.5% 570,091 0.5% 120,125,135 27.3% 422,001
the capital of the Company
To further disapply the statutory
13 pre-emption rights on the allotment of 117,718,393 98.0% 2,412,128 2.0% 120,130,521 27.3% 416,615
Ordinary Shares
To authorise the Company to make market
14 purchases of ordinary shares of GBP0.01 119,612,284 99.6% 425,852 0.4% 120,038,136 27.2% 509,000
each in the capital of the Company
That a general meeting, other than an
15 annual general meeting, may be called on 113,326,204 94.4% 6,776,391 5.6% 120,102,595 27.2% 444,541
not less than 14 clear days' notice
* Based on total ISC of 440,850,398 as at 7 August 2024.
** The percentage of votes cast for and against excludes withheld votes.
Significant votes against
The votes received against Resolution 8 to re-elect Elizabeth McMeikan as a Director of the Company represented 24.7% (2023: 23.7%) of votes cast but represented only 6.8% (2023: 5.8%) of total shareholders.
Feedback from shareholders in 2023 identified that votes against Elizabeth's re-election were primarily a result of perceived 'over-boarding' due to her roles as Chair of Nichols plc and Non-Executive Director of Dalata Hotel Group plc and McBride plc, all of which she continues to hold.
The Company complies with the Association of Investment Companies' Corporate Governance Code, where Principle H recommends non-executive directors have sufficient time to discharge their Board responsibilities. Elizabeth's Directorships of listed companies are also within the number of 'mandates' permitted by Institutional Shareholder Services ("ISS"), a leading provider of corporate governance and responsible investment solutions to leading institutional investors, which supported all AGM resolutions.
Votes against Elizabeth's re-election were primarily from institutional shareholders applying stricter internal voting policies than ISS by allowing fewer 'mandates', and their voting policies do not acknowledge the generally lower time commitments as Directors of investment companies or companies of a relatively small size.
The Company's Nominations Committee is pleased with Elizabeth's contribution and responsiveness to the demands of being a Director of the Company, and believes additional roles offer Directors helpful insight and experience which benefits the Boards on which they sit. The Nominations Committee does therefore not intend to ask Elizabeth to reduce her additional roles.
Where possible the Board, assisted by the Company's broker, will continue to consult with shareholders to reiterate this position and seek further feedback and will report within six months of this AGM.
Filing resolutions
The Company confirms that copies of all resolutions passed at the Annual General Meeting will be available for viewing on the National Storage Mechanism shortly.
- Ends -
Further information:
Further information regarding the Company can be found at the Company's website custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE Tel: +44 (0)116 240 8740
www.custodiancapital.com
Numis Securities Limited
Hugh Jonathan / Nathan Brown Tel: +44 (0)20 7260 1000
www.numis.com/funds
FTI Consulting
Richard Sunderland / Ellie Sweeney / Oliver Parsons Tel: +44 (0)20 3727 1000
custodianreit@fticonsulting.com
Notes to Editors
Custodian Property Income REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014. Its portfolio comprises properties predominantly let to institutional grade tenants on long leases throughout the UK and is principally characterised by smaller, regional, core/core-plus properties.
The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund. By principally targeting smaller, regional, core/core-plus properties, the Company seeks to provide investors with an attractive level of income with the potential for capital growth.
Custodian Capital Limited is the discretionary investment manager of the Company.
For more information visit custodianreit.com and custodiancapital.com.
----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BJFLFT45 Category Code: RAG TIDM: CREI LEI Code: 2138001BOD1J5XK1CX76 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 339511 EQS News ID: 1964331 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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August 08, 2024 10:06 ET (14:06 GMT)
