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Alliance News

London & Associated Properties Shareholders Revolt Over Pay

Wed, 12th Jun 2019 19:02

(Alliance News) - Retail property investor London & Associated Properties PLC shareholders issued a warning to the company over director pay and several members of its board.

At London & Associated Properties' annual general meeting, held on Wednesday, 27.1% of shareholders voted against the approval of the director remuneration report.

The shareholders also voiced their concerns over the performance the company's executive directors, with 27.0% voting against the re-election of Chair Michael Heller and Non-Executive Director Howard Goldring.

Just over a quarter of shareholders also voted against the board's authority to allot shares and voted against directors dis-applying statutory pre-emption rights.

At the end of April, the company released its 2018 results, which showed its net asset value fell in amid a tough year for the retail property market in the UK.

The company's net asset value per share declined to 50.83p from 53.74p the year before, with group net assets standing at GBP55.7 million at the year-end, versus GBP56.7 million in 2017.

Shares in London & Associated Properties closed down 13% Wednesday at 20.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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