Unite Group PLC Update on 2018 AGM resolution votes (7640I)

TIDMUTG

RNS Number : 7640I

Unite Group PLC

28 November 2018

THE UNITE GROUP PLC (the "Company")

28 November 2018

Update on 2018 AGM resolution votes

At the Company's Annual General Meeting on 10 May 2018 all resolutions were duly passed but there were votes against the share issuance resolutions (Resolution 15 (Issue shares pre-emptively), Resolution 16 (Dis-apply Pre-emption Rights) and Resolution 17 (Dis-apply Pre-emption rights - acquisition/specified capital investment), and we are therefore providing an update. For further information, a link to the Company's Results of AGM announcement is here Result of AGM.

The Company has proactively engaged with shareholders and proxy advisers and will continue to engage ahead of its 2019 AGM. Overall the engagement has been positive and supportive. In summary, the votes against these resolutions were due primarily to the perceived cumulative impact of share issuances over the past few years. Whilst shareholders were overwhelmingly supportive of the individual share issuances, the Company acknowledges the feedback and will continue to engage with shareholders and consider shareholder and proxy voting guidelines.

A final update on actions taken by the Company will be provided in its 2018 Annual Report & Accounts or in the explanatory notes to resolutions proposed at its 2019 AGM.

-ENDS-

For further information, please contact:

 
  Unite Students 
   Candice Macdonald, Head of Communications                  Tel: [phone] 
 
   Powerscourt (PR adviser to Unite) 
   Justin Griffiths or Mazar Masud                            Tel: [phone] 
 

Notes to editors:

About Unite Students

Unite Students is the UK's largest manager and developer of purpose-built student accommodation serving the country's world-leading higher education sector. We currently provide homes for almost 50,000 students in circa 130 properties across 22 leading university towns and cities in England and Scotland. Unite also has a strong development pipeline, which will deliver a further 8,000 beds in the next three years.

Our 1,400 people are driven by a common purpose: to provide the students who live with us a 'Home for Success' and to be the most trusted brand in the sector. We do this through quality service, quality people and quality properties, all designed on the basis of an unrivalled insight into students' needs and preferences.

Unite's accommodation is high quality, safe and secure, and located close to university campuses, transport links and local amenities. Students live predominantly in en-suite study bedrooms with rents covering all bills, insurance, 24-hour security, fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our mobile app, provides practical support such as instant messaging and maintenance requests.

Our commitment to customer service is powered by an innovative, in-house operating platform. It provides a wide range of benefits to our students, such as an optimised online booking process, as well as providing us with a unique ability to drive value from our portfolio through scale efficiencies and revenue management.

Alongside delivering great service, our other strategic priority is delivering growing and sustainable earnings, underpinned by a strong capital structure. A key part of this strategy is growing the number of beds let though partnerships with mid and high tariff universities which are experiencing record levels of student demand. We currently partner with 60 higher education institutions, guaranteeing that approximately 60% of our rooms are let under multi-year, 'nomination agreements' providing high visibility of forward occupancy and rental growth.

Unite is invested in and operates two specialist funds and joint ventures with institutional investment partners: the GBP2 billion Unite UK Student Accommodation Fund (USAF), and the GBP1 billion London Student Accommodation Vehicle (LSAV).

Unite is the founder of and major donor to the Unite Foundation, a charitable trust established to support talented students facing challenging financial circumstances through the provision of free accommodation annual scholarships. The Foundation has so far provided scholarships for 250 young people working in close collaboration with 28 universities.

Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange and a member of the FTSE 250 Index.

For more information, please visit Unite's corporate website www.unite-group.co.uk, the student site www.unite-students.com or the Unite Foundation www.unitefoundation.co.uk.

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November 28, 2018 08:00 ET (13:00 GMT)