21 May 2018 12:29
21 May 2018
Secure Income REIT Plc
(the "Company")
Result of Annual General Meeting
The Board of Secure Income REIT Plc (AIM: SIR), the specialist long term income REIT, confirms that, at the Annual General Meeting of the company held on 21 May 2018, all resolutions proposed were duly passed.
The results of voting for each resolution were:
For | % For | Against | % Against | Withheld* | |
Ordinary Resolutions: | |||||
1. Approval of 2017 report and accounts | 231,267,867 | 98.79 | 2,832,184 | 1.21 | - |
2. Reappointment of Mike Brown | 231,233,360 | 98.78 | 2,866,691 | 1.22 | - |
3. Reappointment of Jonathan Lane | 234,065,544 | 99.99 | 34,507 | 0.01 | - |
4. Reappointment of Ian Marcus | 234,100,051 | 100.00 | - | - | - |
5. Reappointment of BDO LLP as auditors | 231,267,867 | 98.79 | 2,832,184 | 1.21 | - |
6. Directors' authority to fix auditors' fees | 234,100,051 | 100.00 | - | - | - |
Special Resolutions: | |||||
7. Authorisation to make market purchases | 234,100,051 | 100.00 | - | - | - |
8. Authorisation to make non pre-emptive share issues | 217,753,781 | 93.02 | 16,337,700 | 6.98 | 8,570 |
* Votes withheld are not included within the totals of votes cast.
Total votes cast for each resolution amounted to 72.8% of shares in issue.
For further information, please contact:
Secure Income REIT Plc | +44 20 7647 7647 |
Sandy Gumm | enquiries@SecureIncomeREIT.co.uk |
Stifel Nicolaus Europe Limited (Nominated Adviser) | +44 20 7710 7600 |
David Arch | stifelsecureincome@stifel.com |
Tom Yeadon | |
Newgate (PR Adviser) | +44 20 7680 6550 |
James Benjamin | sir@newgatecomms.com |
Anna Geffert | |
Patrick Hanrahan | |
Leena Patel |
About Secure Income REIT Plc
Secure Income REIT specialises in generating long term, inflation protected, secure income from real estate investments. Its investment strategy is designed to satisfy investors' growing requirements for high quality, safe, inflation protected income flows.
At 31 December 2017, the Company's investment property portfolio was valued at £1.77 billion, producing £95.7 million per annum of rental income from long term leases with a weighted average unexpired term to expiry of over 22 years. All rental income is subject to fixed or RPI upwards only rent reviews.
On 9 March 2018, the Company exchanged contracts to acquire two off-market portfolios at a total cost of £436 million. The acquisitions include Manchester Arena, the UK's largest indoor entertainment arena, 76 Travelodge hotels and The Brewery on Chiswell Street, the largest catered event space in the City of London. To finance the acquisitions, the Company successfully raised gross proceeds of £315.5 million in a significantly oversubscribed Placing of 86,438,000 Ordinary Shares, completing the Placing over a week earlier than planned following strong investor demand. New secured non-recourse debt facilities of c. £128.7 million at c.30% loan to cost have also been agreed.
Following completion of the Acquisitions, the Enlarged Group will own approximately £2.2 billion of investment property with a weighted average unexpired lease term of some 22 years. The Acquisitions further diversify the Group's resilient portfolio of Key Operating Assets let to strong businesses in defensive sectors with high barriers to entry. The RPI linked rent reviews and fixed rental uplifts combine with fixed cost debt to drive healthy dividend growth, creating attractive and predictable returns.
The Company is advised by Prestbury Investments LLP which was adviser to Max Property Group plc until August 2014, when all of the assets of Max Property Group plc were sold to Blackstone Group. Prestbury Investments LLP is a partnership of real estate and finance professionals including Nick Leslau, Mike Brown, Tim Evans, Ben Walford and Sandy Gumm.
The Company's Board is chaired by Martin Moore and also comprises three further independent Directors in Leslie Ferrar, Jonathan Lane and Ian Marcus, as well as three members of the Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is a UK REIT which floated on the AIM market of the London Stock Exchange in June 2014.
The Company's LEI is: 213800M1VI451RU17H40
Further information on Secure Income REIT is available at: www.SecureIncomeREIT.co.uk