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(Alliance News) - Germany-focused real estate investment firm Phoenix Spree Deutschland on Wednesday recommended holding a continuation vote at its 2020 annual general meeting after failing to propose one for this year's meeting.
Phoenix Spree said that a continuation motion should have been proposed for the 2019 annual general meeting, due to be held on November 11, though it initially believed the vote should have been scheduled for 2020 anyway.
Phoenix Spree however, later discovered that the article in its bylaws, which say a continuation vote should be held at every fifth AGM following the article's adoption, was actually signed in March 2015. This means it was adopted before the June 2015 meeting, meaning a vote should have been held in 2019.
The firm added: "In order to rectify this situation, it is proposed to amend the Articles by clarifying that the continuation resolution will be proposed at the AGM in 2020 and to release the board from any obligations that may have arisen by virtue of not putting a continuation vote to Shareholders at the AGM in 2019."
The proposal to hold a vote in 2020 will be placed to shareholders at the 2019 meeting.
Phoenix Spree shares were 0.6% higher at 313.00 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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