Response to Achilles Announcement
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
26 March 2025
Urban Logistics REIT PLC
("Urban Logistics" or the "Company")
Response to Achilles Announcement
The Board of Urban Logistics notes today's announcement by Achilles Investment Company Limited ("Achilles") and confirms it has received a letter dated 26 March 2025 from Waverton Investment Management Limited, TR Property Investment Trust plc, North Atlantic Smaller Companies Investment Trust plc and Harwood Capital Management (Gibraltar) Limited on behalf of Achilles requisitioning a general meeting of the Company.
The letter requests the convening of a general meeting to propose the removal of Nigel Rich, Richard Moffitt and Heather Hancock, and the appointment of Robert Naylor and Sangita Shah as directors of the Company. The Board will be recommending that shareholders vote against all of Achilles' proposed board changes.
A general meeting will have the benefit of giving the Board the opportunity to put before shareholders all of the relevant information regarding the true quality and potential of the Urban Logistics business, the merits of internalisation, the measures and governance the Board has in place for maximising shareholder value, the track record of Robert Naylor and Sangita Shah and the Board's views on the intent of Achilles as well as the basic viability of the Achilles proposals as they relate to a real estate business.
The Board continues to make good progress in its dialogue with shareholders on internalisation and is in receipt of a number of constructive suggestions from shareholders on changes to the internalisation proposal. With the benefit of this detailed feedback, the Board will move as quickly as possible to finalise a proposal regarding internalisation which will take account of the constructive suggestions received from shareholders and can be put to shareholders in general meeting.
The Board will provide a further update for shareholders shortly.
- Ends -
For further information contact:
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Burson Buchanan Helen Tarbet Simon Compton
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+44 (0) 7872 604453 +44 (0) 7979 497 324 |
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G10 Capital Limited (part of IQ EQ) - AIFM Maria Baldwin
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+44 (0)20 397 5450 |
This announcement contains inside information for the purposes of Article 7 of the UK version of EU Regulation 596/2014, which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR. The person responsible for arranging the release of this announcement on behalf of the Company is Logistics Asset Management LLP. Logistics Asset Management LLP (FRN: 992061) is an appointed representative of G10 Capital Limited (FRN: 648953) which is authorised and regulated by the Financial Conduct Authority.
IMPORTANT NOTICE
This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, shares in the Company in any jurisdiction. The distribution of this announcement outside the UK may be restricted by law. No action has been taken by the Company that would permit possession of this announcement in any jurisdiction outside the UK where action for that purpose is required. Persons outside the UK who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction.
This announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events and the Company's future financial condition and performance. These statements, which sometimes use words such as "aim", "anticipate'', "believe", "may", "will", "should", "intend", "plan", "assume'', "estimate", "expect' (or the negative thereof) and words of similar meaning, reflect the current beliefs and expectations of the directors of the Company and/or the Investment Adviser and involve known and unknown risks, uncertainties and assumptions, many of which are outside the Company's control and difficult to predict, that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. The information contained in this announcement speaks only as of the date of this announcement and is subject to change without notice and the Company does not assume any responsibility or obligation to, and does not intend to, update or revise publicly or review any of the information contained to this announcement, whether as a result of new information, future events or otherwise, except to the extent required by the FCA, the London Stock Exchange or by applicable law.
The information contained in this announcement is for information purposes only and does not purport to be full or complete. The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.
Disclaimer
Kinmont ("Kinmont"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Urban Logistics and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Urban Logistics for providing the protections afforded to clients of Kinmont nor for providing advice in relation to the matters referred to in this announcement. Neither Kinmont nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Kinmont in connection with this announcement, any statement contained herein or otherwise.
Panmure Liberum Limited ("Panmure Liberum"), who are authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom, are acting solely for the Company and no-one else in connection with the matters described in this Announcement and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the matters described in this Announcement. Neither Panmure Liberum nor any of their respective partners, directors, officers, employees, advisers, consultants, affiliates or agents are responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Liberum or for providing advice in connection with the contents of this Announcement or for any other matters referred to herein.
Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), which is authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) and is subject to limited regulation by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Urban Logistics and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Urban Logistics for providing the protections afforded to clients of Berenberg nor for providing advice in relation to the matters referred to in this announcement. Neither Berenberg nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Berenberg in connection with this announcement, any statement contained herein or otherwise.
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