Result of Annual General Meeting

RNS Number : 1278N
Triple Point Social Housing REIT
27 May 2022
 

27 May 2022

 

TRIPLE POINT SOCIAL HOUSING REIT PLC

(the "Company" or, together with its subsidiaries, the "Group")

 

RESULT OF ANNUAL GENERAL MEETING

NEW INVESTMENT POLICY APPROVED

 

The Board of Triple Point Social Housing REIT plc is pleased to announce that at the Company's Annual General Meeting held today, all resolutions were voted on by way of a poll and were passed by shareholders.

 

As a result, the Company's revised Investment Policy was approved by shareholders and will become effective immediately. The Board looks forward to announcing further progress in deploying existing capital into the current pipeline of investment opportunities.

 

Resolutions 1 to 13 were proposed as ordinary resolutions and resolutions 14 to 17 were proposed as special resolutions. The results of the poll are set out below.

 










Resolution

Votes For

%

Votes Against

%

Total votes validly cast

Total votes cast as % of issued share capital*

Votes Withheld**

1

To receive and adopt the Annual Report and accounts of the Company for the year ended 31 December 2021

266,827,592

95.05

13,881,100

4.95

280,708,692

69.69

1,319,481

2

To approve the Directors' Remuneration Report

281,879,204

99.97

84,189

0.03

281,963,393

70.00

64,780

3

To re-elect Christopher Phillips as a Director of the Company

249,808,557

88.60

32,154,836

11.40

281,963,393

70.00

64,780

4

To re-elect Ian Reeves CBE as a Director of the Company

277,487,908

98.41

4,475,485

1.59

281,963,393

70.00

64,780

5

To re-elect Peter Coward as a Director of the Company

280,709,873

99.56

1,253,520

0.44

281,963,393

70.00

64,780

6

To re-elect Paul Oliver as a Director of the Company

280,709,873

99.56

1,253,520

0.44

281,963,393

70.00

64,780

7

To re-elect Tracey Fletcher-Ray as a Director of the Company

281,924,644

99.99

38,749

0.01

281,963,393

70.00

64,780

8

To re-appoint BDO LLP as Auditors of the Company

281,927,596

99.99

35,797

0.01

281,963,393

70.00

64,780

9

To authorise the Audit Committee to determine the Auditors' remuneration

281,927,596

99.99

35,797

0.01

281,963,393

70.00

64,780

10

To approve the amendments to the Company's investment policy

281,927,596

99.99

31,100

0.01

281,958,696

70.00

69,477

11

To approve the continuation of the Company's existence in its current form

281,932,293

99.99

31,100

0.01

281,963,393

70.00

64,780

12

To authorise the Directors to allot shares

279,935,666

99.28

2,027,727

0.72

281,963,393

70.00

64,780

13

To authorise the Directors to declare and pay all dividends of the Company as interim dividends

281,922,293

99.99

41,100

0.01

281,963,393

70.00

64,780

14

To dis-apply statutory pre-emption rights up to 5%

267,928,194

95.02

14,035,199

4.98

281,963,393

70.00

64,780

15

To dis-apply pre-emption rights up to a further 5% in connection with an acquisition or specified capital investment

226,301,680

80.26

55,661,713

19.74

281,963,393

70.00

64,780

16

To authorise the Company to purchase its own shares

281,920,170

99.98

43,223

0.02

281,963,393

70.00

64,780

17

To authorise the calling of general meetings, other than an annual general meeting, on not less than 14 clear days' notice

276,916,880

98.21

5,046,513

1.79

281,963,393

70.00

64,780

 

*Excluding treasury shares.

**A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

 

The Board notes that while a majority of shareholders who voted at the Annual General Meeting overwhelming supported all resolutions, resolution 15 was passed with a majority of 80.26%.

 

Resolution 15 adheres to the guidance issued by the Investment Association, the Pre-Emption Group's Statement of Principles, for the disapplication of pre-emption rights for an additional 5% authority, if used only for the purposes of financing (or re-financing) a transaction which the Directors determine to be an acquisition or other capital investment of a kind contemplated by the Statement of Principles. The Directors consider the flexibility afforded by this additional pre-emption rights authority to be in the best interests of the Company and reflective of UK listed company market practice.

 

The Board is committed to maintaining an open and transparent dialogue with the Company's shareholders and will engage to understand the views of shareholders who voted against this resolution. The Board will publish an update on that engagement in the Company's annual report for the financial year ending 31 December 2022.

 

Every shareholder has one vote for every Ordinary Share held. As at 27 May 2022, the issued share capital of the Company consisted of 403,239,002 Ordinary Shares. The Company holds 450,000 Ordinary Shares in treasury, which do not carry voting rights. Therefore, the total voting number of voting rights in the Company is 402,789,002 Ordinary Shares.

 

The full text of all the resolutions can be found in the Notice of Annual General Meeting dated 24 March 2022, a copy of which is available on the Company's website at https://www.triplepointreit.com/investors/72/ .

In accordance with Listing Rule 9.6.2 copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 


Triple Point Investment Management LLP

(Investment Manager)

Tel: 020 7201 8989

Max Shenkman


Isobel Gunn-Brown




Akur Capital (Joint Financial Adviser)

Tel: 020 7493 3631

Tom Frost


Anthony Richardson


Siobhan Sergeant




Stifel (Joint Financial Adviser and Corporate Broker)

Tel: 020 7710 7600

Mark Young


Mark Bloomfield


Rajpal Padam


 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at www.triplepointreit.com .

 

NOTES:

The Company invests in primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The majority of the assets within the portfolio are subject to inflation-linked, long-term, Fully Repairing and Insuring ("FRI") leases with Approved Providers (being Housing Associations, Local Authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to a lease with an Approved Provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.

 

There is increasing political pressure and social need to increase housing supply across the UK which is creating opportunities for private sector investors to help deliver this housing. The Group's ability to provide forward funding for new developments not only enables the Company to secure fit for purpose, modern assets for its portfolio but also addresses the chronic undersupply of suitable supported housing properties in the UK at sustainable rents as well as delivering returns to investors.

 

The Company is a UK Real Estate Investment Trust ("REIT") listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE EPRA/NAREIT index.

 

 

 

 

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