REG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Results of Annual General Meeting

Custodian Property Income ReitAnnouncement

08/08/2024 15:15

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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
   report   and
1  accounts for 119,494,619 99.6%  420,842   0.4%  119,915,461 27.2%   631,675
   the
   financial
   year   ended
   31     March
   2024
   To   approve
   the
   directors’
2  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
   To  re-elect
3  David        103,986,142 86.3% 16,539,207 13.7% 120,525,349 27.3%    21,787
   MacLellan as
   a director
   To  re-elect
4  Hazel   Adam 114,876,483 95.3% 5,650,866  4.7%  120,527,349 27.3%    19,787
   as         a
   director
   To  re-elect
5  Malcolm      114,827,428 95.3% 5,697,921  4.7%  120,525,349 27.3%    21,787
   Cooper as  a
   director
   To  re-elect
6  Chris        114,827,428 95.3% 5,697,921  4.7%  120,525,349 27.3%    21,787
   Ireland as a
   director
   To  re-elect
7  Ian Mattioli  98,524,461 81.7% 22,000,888 18.3% 120,525,349 27.3%    21,787
   as         a
   director
   To  re-elect
8  Elizabeth     90,765,247 75.3% 29,762,102 24.7% 120,527,349 27.3%    19,787
   McMeikan  as
   a director
   To
   re-appoint
9  Deloitte LLP 119,605,017 99.6%  485,078   0.4%  120,090,095 27.2%   457,041
   as   auditor
   to       the
   Company
   To authorise
   the
   directors to
10 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
   allot
11 ordinary     115,455,812 96.1% 4,646,783  3.9%  120,102,595 27.2%   444,541
   shares    in
   the  capital
   of       the
   Company
   To  disapply
   statutory
   pre-emption
   rights    on
   the
12 allotment of 119,555,044 99.5%  570,091   0.5%  120,125,135 27.3%   422,001
   ordinary
   shares    in
   the  capital
   of       the
   Company
   To   further
   disapply the
   statutory
   pre-emption
13 rights    on 117,718,393 98.0% 2,412,128  2.0%  120,130,521 27.3%   416,615
   the
   allotment of
   Ordinary
   Shares
   To authorise
   the  Company
   to      make
   market
   purchases of
14 ordinary     119,612,284 99.6%  425,852   0.4%  120,038,136 27.2%   509,000
   shares    of
   £0.01   each
   in       the
   capital   of
   the Company
   That       a
   general
   meeting,
   other   than
   an    annual
15 general      113,326,204 94.4% 6,776,391  5.6%  120,102,595 27.2%   444,541
   meeting, may
   be called on
   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
 1 custodianreit.com or please contact:

 

Custodian Capital Limited                                                       
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE    Tel: +44 (0)116 240 8740
                                                      2 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             Tel: +44 (0)20 3727 1000
Parsons
                                               3 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  4 custodianreit.com and  5 custodiancapital.com.

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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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