Share Name Share Symbol Market Type Share ISIN Share Description
Prs Reit (the) Plc LSE:PRSR London Ordinary Share GB00BF01NH51 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.90 -1.02% 87.00 86.00 88.00 87.60 87.00 87.60 100,728 16:13:58
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 12.9 16.4 3.3 26.4 431

PRS REIT PLC (The) Result of General Meeting

23/02/2021 11:00am

UK Regulatory (RNS & others)

Prs Reit (LSE:PRSR)
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RNS Number : 0462Q


23 February 2021

23 February 2021


The PRS REIT plc

("the Company" or "the PRS REIT")

Result of General Meeting and Transfer of Ordinary Shares

to the Premium Listing Segment of the Official List

The PRS REIT, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector ("PRS"), is pleased to announce that the Ordinary Resolution to adopt a revised investment objective and policy, as set out in the Notice of General Meeting of the Company dated 1 February 2021, was passed without amendment by the requisite majority at a General Meeting of the Company's shareholders held earlier today.

Ordinary Resolution

That the proposed revised investment objective and policy set out in the Notice of General Meeting of the Company dated 1 February 2021 be adopted as the investment objective and policy of the Company to the exclusion of all previous investment objectives and policies of the Company.

Votes cast over which the Chairman had been appointed as proxy were as follows:

      Resolution         Votes in    Percentage    Votes    Percentage  Withheld*     Total votes 
                           favour     in favour   against     against                cast (excluding 
1 - Ordinary 
 Resolution to 
 adopt the revised 
 investment objective 
 and policy             349,656,991    99.62     1,344,797     0.38     10,900,446    351,001,788 
                        -----------  ----------  ---------  ----------  ----------  ---------------- 

*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "for" or "against" the Resolution.

Further to the announcement of 11 January 2021, the PRS REIT is also pleased to announce that applications will shortly be made to the Financial Conduct Authority ("FCA") for its entire issued share capital, being 495,277,294 ordinary shares ("Ordinary Shares"), to be admitted to the Premium listing segment of the Official List of the FCA ("Official List") and to the London Stock Exchange plc for its Ordinary Shares to be admitted to trading on the Premium segment of the Main Market ("Admission"). Admission is expected to become effective at 8:00am on 2 March 2021, or shortly thereafter.

The Board believes that the Company's transfer from the Specialist Fund Segment to the Premium segment of the Main Market of the London Stock Exchange and the admission to the Premium listing segment of the Official List ("Migration") will, inter alia, broaden the Company's share register and facilitate its eligibility for inclusion in FTSE's EPRA and UK Index Series.

N+1 Singer is acting as Sponsor for the Company in connection with the Migration.

For further information, please contact:

The PRS REIT plc                                   Tel: 020 3178 6378 (c/o 
 Steve Smith, Non-executive Chairman                KTZ Communications) 
Sigma PRS Management Limited                       Tel: 0333 999 9926 
 Graham Barnet, Mike McGill 
KTZ Communications                                 Tel: 020 3178 6378 
 Katie Tzouliadis, Dan Mahoney 
N+1 Singer                                         Tel: 020 7496 3000 
 James Maxwell, James Moat, Sebastian Burke 
Panmure Gordon (UK) Limited                        Tel: 020 7886 2500 
 Chloe Ponsonby (Corporate Broking), Alex Collins 
 (Corporate Finance) 
G10 Capital Limited (part of the IQEQ Group        Tel: 020 3745 2826 
 as AIFM) 
 Paul Turner 


About The PRS REIT plc

The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing GBP0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of GBP500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.

LEI: 21380037Q91HU97WZX58

About Sigma Capital Group plc

Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. The Company has a well-established track record in assisting with property related regeneration projects in the public sector, acting as a bridge between the public and private sectors.

Sigma has created an unrivalled PRS platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award-winning rental brand, 'Simple Life'.

The Company's subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc. In September 2020, the Company launched a joint venture with EQT Real Estate, the real estate platform of global investment firm EQT to establish a GBP1bn portfolio of high quality, new-build homes for private rental in Greater London.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).

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(END) Dow Jones Newswires

February 23, 2021 06:00 ET (11:00 GMT)

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