PRS REIT chair to step down as part of shareholder-agreed changes

13th Sep 2024 13:04

(Sharecast News) - PRS REIT announced on Friday that it has reached an agreement with requisitioning shareholders, resulting in the withdrawal of a notice that called for a general meeting to approve certain board changes.

The London-listed real estate investment trust said the decision followed discussions between a sub-committee of independent non-executive directors, the requisitioning shareholders - Robert Naylor and Christopher Mills - and other shareholders to find a resolution in the best interests of all parties.

As part of the agreement, non-executive chairman Steve Smith, who was nearing the end of his term, would step down at the annual general meeting to facilitate a timely resolution.

Geeta Nanda, the senior independent director, will assume the role of interim chair at the AGM, and would lead the process to appoint a new permanent, independent non-executive chair.

The board would initiate the appointment process immediately, engaging external consultants to identify a candidate with relevant experience.

Robert Naylor and Christopher Mills would join the board as non-executive directors after the announcement of the full-year results, expected on or around 8 October.

They would be proposed for election at the AGM, which was anticipated to take place in early December.

Steffan Francis would continue as a non-executive director to ensure continuity in property expertise.

Succession planning for Steffan Francis and Rod MacRae, whose tenures would approach nine years in 2025, would be conducted.

Given the announced changes, the board said it intended to review the company's strategy with the newly-formed board and would provide updates when appropriate.

At 1224 BST, shares in PRS REIT were up 0.21% at 95.2p.

Reporting by Josh White for Sharecast.com.