Source - LSE Regulatory
RNS Number : 4012R
Alternative Income REIT PLC
08 March 2021
 

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

 

8 March 2021

Alternative Income REIT plc

(the "Company" or the "Group")

SHAREHOLDER ENGAGEMENT UPDATE & NON-EXECUTIVE DIRECTOR APPOINTMENT

The Board of Directors of Alternative Income REIT plc (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets predominantly let on long leases, is pleased to provide an update on shareholder engagement and announce the appointment of Adam C Smith to the Board as a Non-Executive Director of the Company.

 

The Board is pleased to set out the outcome of its open and transparent engagement with shareholders as previously announced, most recently on 22 February 2021. The Board confirms that the Company's focus will be to keep in place a low operating cost base and to pursue other initiatives within the Group's current portfolio of assets, while seeking to maximise rent collection, income distribution and returns to shareholders. Shareholders will be consulted on any potential future changes in strategy in advance of any necessary resolutions being put before all shareholders in a General Meeting.

 

Following the request from Glenstone Property plc ("Glenstone") for representation on the Board, the Board announces the appointment of Adam C Smith to the Board as a Non-Executive Director, effective immediately. He is deemed not to be independent by the Board in accordance with the UK Corporate Governance Code as Adam is currently a director and a member of the investment committee of Glenstone, which holds 14.85% of the Company's issued share capital.  

 

Adam was appointed Managing Director in 2008 of the London and Surrey group of companies (London & Surrey Property Holdings Limited, Amdale Securities Limited and Deemark Limited). Adam initiated and successfully completed the merger of these companies with Glenstone in 2016. Glenstone is listed on The International Stock Exchange (TISE) in Guernsey and is a public limited company incorporated in England & Wales which qualifies as a UK real estate investment trust. Formerly an investment and leasing agent with Edwin Hill Chartered Surveyors (now Altus Group), he is a professional member of the Royal Institution of Chartered Surveyors.

 

No further information is required to be disclosed pursuant to Listing Rule 9.6.13R.

 

ENQUIRIES

Alternative Income REIT PLC

via Maitland/AMO below

 

 

M7 Real Estate Ltd

Richard Croft

+44 (0)20 3657 5500

 

 

Panmure Gordon (UK) Limited

+44 (0)20 7886 2500

Alex Collins

 

Tom Scrivens

 

Chloe Ponsonby

 

 

 

Maitland/AMO (Communications Adviser)

+44(0) 7747 113 930

James Benjamin

james.benjamin@maitland.co.uk

 

The Company's LEI is 213800MPBIJS12Q88F71.

 

Further information on Alternative Income REIT plc is available at www.alternativeincomereit.com1

 

NOTES

Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain inflation linked rent review provisions.

 

The Company's investment adviser is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. Majority owned by its senior managers, it has over 200 employees in 14 countries across Europe. The team manages over 835 properties with a value of circa €5.1 billion.

1   Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published on a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

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