Urban Logistics REIT PLC on Wednesday said it has received a letter requisitioning a general meeting from investors including Achilles Investment Co Ltd.
The UK-focused logistics real estate investment trust said it received the letter from Waverton Investment Management Ltd, TR Property Investment Trust PLC, North Atlantic Smaller Cos Investment Trust PLC and Harwood Capital Management (Gibraltar) Ltd on behalf of Achilles.
They have called for the removal of Chair Nigel Rich, Richard Moffitt and Heather Hancock as directors of the company, to be replaced by Robert Naylor as chair, and Sangita Shah.
Naylor is the lead fund manager of Achilles, which is managed by Harwood Capital.
The requisitioning shareholders represent around 8.8% of the issued share capital of Urban Logistics REIT.
The requisition comes after Urban Logistics REIT said it is seeking shareholder approval for an agreement to internalise its management function to reduce costs.
The requisitioning investors said they would expect the new directors, if appointed, to ‘conduct a strategic review aimed at maximising shareholder value’.
Urban Logistics REIT said it will use the general meeting to show shareholders ‘the true quality and potential of the Urban Logistics business, the merits of internalisation, the measures and governance the board has in place for maximising shareholder value, the track record of Robert Naylor and Sangita Shah and the board’s views on the intent of Achilles as well as the basic viability of the Achilles proposals as they relate to a real estate business’.
The firm said it would be recommending that shareholders vote against all of Achilles’ proposed changes.
Urban Logistics REIT said it continues to make ‘good progress’ in internalisation discussions with shareholders and has received ‘constructive suggestions’ on changes to the proposals.
‘With the benefit of this detailed feedback, the board will move as quickly as possible to finalise a proposal regarding internalisation which will take account of the constructive suggestions received from shareholders and can be put to shareholders in general meeting,’ Urban Logistics REIT said.
Shares in Urban Logistics REIT closed 2.2% higher at 131.80 pence in London on Wednesday afternoon.
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