Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

PRS REIT shareholders seeking to replace chairman, director

(Sharecast News) - PRS REIT announced the receipt of a requisition letter from a group of significant shareholders on Thursday, collectively holding 17.3% of its issued share capital. The London-listed real estate investment trust said the letter, dated 29 August, was sent by Harwood Capital Management, Waverton Investment Management, CCLA Investment Management, Alder Investment Management, and CG Asset Management.

It said the shareholders had requested the board to convene a general meeting in accordance with the Companies Act.

The requisitioning investors were seeking shareholder votes on resolutions to remove two of the five existing independent non-executive directors, including chairman Stephen Paul Smith and David Steffan Francis.

They also proposed the appointment of Robert Graham Naylor as the new non-executive chairman, and Christopher Harwood Bernard Mills of Harwood Capital Management as a director.

Harwood Capital Management currently holds 1.1% of PRS REIT's share capital.

The PRS REIT board said it was currently reviewing the validity of the requisition letter, with a further announcement to be made in due course.

At 1144 BST, shares in PRS REIT were up 7.82% at 96.5p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Helical joint venture secures funding for City development
(Sharecast News) - Helical announced on Friday that, in joint venture with Places for London, it had secured a £125m development financing facility from HSBC to fund the construction of 10 King William Street, an over-station office scheme above Bank station in the City of London.
Entain rallies as US hedge fund Corvex ups stake to 5.3%
(Sharecast News) - Ladbrokes owner Entain surged to the top of the FTSE 100 on Friday as it emerged that US activist hedge fund Corvex Management has upped its stake in the Ladbrokes owner to about 5.3%.
Berenberg raises target price on Pinewood Technologies
(Sharecast News) - Analysts at Berenberg raised their target price on software firm Pinewood Technologies from 455.0p to 510.0p on Friday after the group's FY24 earnings came in ahead of consensus.
Transense Technologies signs US distribution deal with Haltec
(Sharecast News) - Transense Technologies announced a strategic distribution agreement with Haltec Corporation on Friday, as part of a significant expansion of its tyre inspection tools in the US market.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.