REG - Schroder Real Estate - Result of EGM

Schroder Real Estate Investment TrustAnnouncement

15/12/2023 13:15

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RNS Number : 0264X  Schroder Real Estate Inv Trst Ld  15 December 2023

 

FOR RELEASE 15 DECEMBER 2023

 

RESULT OF EXTRAORDINARY GENERAL MEETING

 

 

On 21 November, Schroder Real Estate Investment Trust Limited (the "Company")
published a circular (the "Circular") proposing amendments to the Company's
investment objective and policy, and to the Company's investment management
agreement (the "Proposals").  The Company is pleased to report that following
the Extraordinary General Meeting held on Friday 15 December 2023, the
Proposals were passed on a poll by shareholders.

 

The proposed changes to the investment objective and policy formally include
putting sustainability at the centre of the Company's investment proposition,
with a sustainability improvement and decarbonisation strategy focused on
adapting existing buildings into those that are both modern and fit for
purpose.  This should also enable the Company to proactively respond to the
UK's Net Zero Carbon objectives, whilst optimising portfolio performance to
seek enhanced total returns for shareholders.

 

Following the Circular being published alongside the Company's interim
results, Schroders has engaged extensively with shareholders and received
strong support to the proposals. The results of the poll held at the
Extraordinary General Meeting are set out below.  The Company notes the votes
against, which principally relate to one shareholder who, whilst supportive of
the strategy, did not support the amendment to the Managers contractual notice
period.

 

 Ordinary Resolution                                    For          % For  Against     % Against  Votes total (excluding withheld)  Withheld  % of Total voting rights (excluding withheld)
 To adopt the proposed investment objective and policy  208,317,644  82.72  43,503,911  17.28      251,821,555                       59,502    51.49

 

Shareholders are entitled to one vote per share. Votes withheld are not a vote
in law and are therefore not counted in the calculation of the percentages of
the votes cast for and against a resolution. Where shareholders appointed the
Chairman as their proxy with discretion as to voting, their votes were cast in
favour of the resolutions and their shares have been included in the "votes
for" column.

 

The total number of ordinary shares in issue is 565,664,749, which includes
76,554,173 ordinary shares held in treasury. Treasury shares do not carry
voting rights and therefore the total number of voting rights is 489,110,576.

 

The Company is making good progress conducting individual asset sustainability
baseline assessments, which will be central to implementing the evolved
strategy, and will provide a more detailed update on how it will be delivered
in future shareholder updates and the Full Year results to 30 March 2024.

 

Alastair Hughes, Chair of the Board, commented:

 

"We thank shareholders for their support to our strategic evolution, which
places sustainability at the centre of our investment proposition. It builds
on our long-term track record of outperformance and leverages the broader
sustainability resources within Schroders. We believe the changes to the
investment objective and policy, combined with robust governance, will enhance
long term returns for shareholders and differentiate the Company from peers."

 

For further information:

 

 Schroder Real Estate Investment Management Limited:     020 7658 6000

 Nick Montgomery / Bradley Biggins / Matthew Riley
 FTI Consulting:                                         020 3727 1000

 Dido Laurimore / Richard Gotla / Ollie Parsons

 

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