Custodian Property Income REIT plc (CREI)
08-Aug-2024 / 15:06 GMT/BST
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: | | Resolution | Votes for | % of votes cast | Votes against | % of votes cast | Votes total | % of ISC voted* | Votes withheld** | | ORDINARY RESOLUTIONS | | 1 | To receive and adopt the Company’s report and accounts for the financial year ended 31 March 2024 | 119,494,619 | 99.6% | 420,842 | 0.4% | 119,915,461 | 27.2% | 631,675 | | 2 | To approve the directors’ remuneration report for the year ended 31 March 2024 | 119,617,202 | 99.3% | 887,556 | 0.7% | 120,504,758 | 27.3% | 42,378 | | 3 | To re-elect David MacLellan as a director | 103,986,142 | 86.3% | 16,539,207 | 13.7% | 120,525,349 | 27.3% | 21,787 | | 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 director | 90,765,247 | 75.3% | 29,762,102 | 24.7% | 120,527,349 | 27.3% | 19,787 | | 9 | To re-appoint Deloitte LLP as auditor to the Company | 119,605,017 | 99.6% | 485,078 | 0.4% | 120,090,095 | 27.2% | 457,041 | | 10 | To authorise the directors to agree and fix the auditor’s remuneration | 119,699,112 | 99.6% | 438,023 | 0.4% | 120,137,135 | 27.3% | 410,001 | | 11 | To grant the directors’ authority to allot ordinary shares in the capital of the Company | 115,455,812 | 96.1% | 4,646,783 | 3.9% | 120,102,595 | 27.2% | 444,541 | | 12 | To disapply statutory pre-emption rights on the allotment of ordinary shares in the capital of the Company | 119,555,044 | 99.5% | 570,091 | 0.5% | 120,125,135 | 27.3% | 422,001 | | 13 | To further disapply the statutory pre-emption rights on the allotment of Ordinary Shares | 117,718,393 | 98.0% | 2,412,128 | 2.0% | 120,130,521 | 27.3% | 416,615 | | 14 | To authorise the Company to make market purchases of ordinary shares of £0.01 each in the capital of the Company | 119,612,284 | 99.6% | 425,852 | 0.4% | 120,038,136 | 27.2% | 509,000 | | 15 | That a general meeting, other than an annual general meeting, may be called on not less than 14 clear days' notice | 113,326,204 | 94.4% | 6,776,391 | 5.6% | 120,102,595 | 27.2% | 444,541 |
* 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 |
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.
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