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.