REG - Wynnstay Properties - Result of AGM, GM and Trading Update

Wynnstay PropertiesAnnouncement

19/07/2022 15:30

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RNS Number : 0216T  Wynnstay Properties PLC  19 July 2022

WYNNSTAY PROPERTIES PLC

 ("Wynnstay" or the "Company")

Results of Annual General Meeting and General Meeting

and

Trading Update

 

19 July 2022

 

Results of Annual General Meeting and General Meeting

The Company announces that at its Annual General Meeting ("AGM") and General
Meeting ("GM") held earlier today all resolutions put to the meetings were
duly passed by poll vote.

The full text of the resolutions considered at the AGM is set out in the
Notices of AGM and GM, appended to the Annual Report 2022 and Share Buy-Back
Circular respectively and available on the Company's website at
www.wynnstayproperties.co.uk (http://www.wynnstayproperties.co.uk) .

Trading Update

At the AGM Philip Collins, Chairman, informed shareholders that the Board had
reviewed the Company's trading position, budget for the year, and portfolio at
its Board meeting prior to the AGM and reported as follows:

Rent collection: Of the rents due at 24 June 2022, for all practical purposes
100% of rents due to Wynnstay have been collected, with just under £2,000
outstanding in total.

Occupancy: The portfolio is fully let and income producing.  Thus at present
Wynnstay has no unforeseen property costs, such as empty business rates,
insurance, security or other costs.

Demand and market conditions:  Despite all the economic and political
uncertainties, there continues to be strong occupational demand for
industrial, including trade counter, units which comprise the majority of
Wynnstay's portfolio, and this has undoubtedly contributed to the portfolio
being fully let as well as to a number of good rent reviews negotiated over
the past four months. The demand reflects, in part, shortage of supply of good
quality units in the right locations to meet tenants' requirements. The
increases in interest rates this year appear to have resulted in reported
upward movement in yields on transactions in the investment market from those
prevailing in 2021. This may result in calmer market conditions later in the
year to those seen over the past 18 months, with a greater focus on rental
growth opportunities.  The market for the rest of the year and beyond will be
greatly influenced by the evolving economic conditions, changes in interest
rates and government actions to control inflation and stimulate growth in the
economy.

 

For further information please contact:

Wynnstay Properties plc

Philip Collins (Chairman)

020 7554 8766

WH Ireland Limited (Nominated Adviser and Broker):

Chris Hardie, Ben Thorne, Megan Liddell

020 7220 1666

 

LEI number is 2138006MASI24JYW5076.For more information on Wynnstay visit:
www.wynnstayproperties.co.uk (http://www.wynnstayproperties.co.uk) .

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