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On Thursday, PRS REIT (LSE:PRSR) disclosed that it had received a requisition letter from a group of major shareholders, who collectively hold 17.3% of the company’s issued share capital. The letter, dated August 29, was sent by a consortium comprising Harwood Capital Management, Waverton Investment Management, CCLA Investment Management, Alder Investment Management, and CG Asset Management.
The requisitioning shareholders have requested that the PRS REIT board call a general meeting in accordance with the Companies Act. At this meeting, they seek shareholder votes on several key resolutions. The proposed resolutions include the removal of two of the current five independent non-executive directors: Stephen Paul Smith, the chairman, and David Steffan Francis.
In addition to the proposed removals, the shareholders have suggested the appointment of Robert Graham Naylor as the new non-executive chairman. They also propose the appointment of Christopher Harwood Bernard Mills, from Harwood Capital Management, as a new director.
Harwood Capital Management currently holds 1.1% of PRS REIT's share capital, and their involvement underscores the significant influence that the requisitioning shareholders wield.
The PRS REIT board has acknowledged receipt of the requisition letter and is in the process of reviewing its validity. A further announcement regarding the next steps will be made once this review is completed.
As of 11:44 BST, PRS REIT shares saw an increase of 7.82%, trading at 96.5p. This uptick reflects market reactions to the unfolding situation and the potential implications of the proposed changes. The developments signal a period of significant scrutiny and potential transition for PRS REIT, as shareholders and the board navigate the upcoming decisions.
