REG - Achilles Invest. Co. - Statement re Urban Logistics REIT plc

Achilles Investment CoAnnouncement

17/03/2025 09:15

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RNS Number : 9296A  Achilles Investment Company Limited  17 March 2025

17 March 2025

Urban Logistics REIT plc

Achilles Investment Company Limited ("Achilles") notes the potential conflict
of interest concerning Richard Moffitt, Chief Executive Officer of Logistics
Asset Management LLP, the Investment Adviser to Urban Logistics REIT plc
("Urban Logistics" or "the Company"). Mr. Moffitt also holds an interest in M1
Agency LLP, where he is a member.

As disclosed in Urban Logistics' financial statements for the four years
ending 31 March 2024, the Company has paid over £6.3 million in fees to M1
Agency LLP, in addition to £22.7 million paid to Logistics Asset Management
LLP over the same period.

On 4 and 5 March 2025, through the Board's adviser, Kinmont Advisory, Achilles
urged the Board to ensure that no further fees are paid by Urban Logistics to
M1 Agency LLP.

Achilles notes recent press reports that Mr. Moffitt is now considering
divesting his partnership interest in M1 Agency LLP to his fellow members.
Achilles welcomes this development, as it acknowledges that the substantial
payments made to M1 Agency LLP, though disclosed in the notes to Urban
Logistics' financial statements, may not be appropriate.

Achilles formally requests that the Board of Urban Logistics confirm that,
should Mr. Moffitt in fact proceed with the sale of his partnership interest
in M1 Agency LLP, there is no understanding or agreement for any future
payments to be made to M1 Agency LLP.

Achilles remains committed to ensuring that the Board acts in the best
interests of all Urban Logistics' shareholders. Furthermore, Achilles will be
writing to shareholders in the near future to explain why the recent proposal
to internalise the Company's management, while it may have merit in principle,
is not in shareholders' financial interests. This view is shared by nearly all
the Company's largest shareholders.

For further information, please contact:

 Achilles Investment Company Limited             Tel: +44 (0)1481 743 030

 Charlotte Denton
 Harwood Capital Management (Gibraltar) Limited  Tel: +44 (0)20 7640 3200

 Christopher Hart

 

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