PRS REIT PLC - Manchester, England-based real estate investment trust - Harwood Capital Management Ltd says a group of five investors including itself, holding just over 17% of PRS REIT, have served a requisition for an extraordinary general meeting. The group want to remove Non-Executive Chair Stephen Smith and Non-Executive Director Steffan Francis and replace them with Robert Naylor and Christopher Mills. Mills is the majority shareholder of Harwood Capital Management, which itself holds a 1.1% stake in PRS REIT. The group says it wants the two new directors and the three remaining board members to review options to return value to shareholders.

PRS REIT confirms receiving the letter. It also notes that Ruffer LLP and Asset Value Investors Ltd, together holding a further 1.6% stake, intend to vote with the Harwood-led group. PRS REIT says it will take advice on the validity of the letter and make a further announcement ‘in due course’.

Current stock price: 95.10 pence, up 6.3% in London on Thursday

12-month change: up 32%

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