Yew Grove REIT plc (LON:YEW), the AIM and Euronext Growth listed regional Irish commercial property investor, has provided an update in relation to the votes cast at the Company’s EGM held on 29th May 2020.
At the EGM, 21.87 per cent of votes were cast against the two resolutions proposed, which were (i) to grant authority to the Directors to allot and issue up to a maximum of 100 million new shares pursuant to the share issuance programme and (ii) to disapply pre-emption rights in respect of the allotment and issue of such number of new shares.
In the announcement released immediately following the EGM, the Board outlined the actions that it intended to take to engage with shareholders and an update is provided below.
While both resolutions proposed at the EGM were passed with the necessary majority, the Board is aware that certain institutional shareholders have a policy of not supporting this level of authority for the Directors to issue shares. The Company has further engaged with those shareholders that voted against the resolutions to ascertain the amount of shares that they believe are appropriate to be issued, given the Company’s circumstances, and has received strong support from the majority of those shareholders for the levels granted following the passing of the EGM resolutions.
Therefore, following these consultations the Board still considers the flexibility afforded by these authorities to be in the best interests of the Company and its shareholders as the Company seeks to grow its portfolio of Irish commercial property assets.
The Yew Grove REIT board remains committed to, whenever it is practicable to do so, continuing its policy of maintaining an open and transparent dialogue with all shareholders.