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Target Healthcare (THRL)

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Thursday 29 November, 2018

Target Healthcare

Result of AGM

RNS Number : 8218I
Target Healthcare REIT Limited
29 November 2018
 

To:                    RNS

From:                Target Healthcare REIT Limited

LEI:                   2138008VQQ5Y9QXMX749

Date:                 29 November 2018

Subject:             Annual General Meeting Result

 

 

Target Healthcare REIT Limited announces that, at the Annual General Meeting held on 28 November 2018, all resolutions proposed were duly passed.

 

The full text of the resolutions can be found in the Notice of Annual General Meeting set out in the Annual Report and Financial Statements for the year to 30 June 2018, copies of which have been submitted to the National Storage Mechanism and which are available for inspection at www.morningstar.co.uk/uk/NSM.

 

Details of the proxy votes lodged before the Annual General Meeting, which should be read alongside the Notice contained in the Annual Report and Financial Statements, are noted below and will be available shortly at www.targethealthcarereit.co.uk

 

 

For

Against

Withheld

1) Ordinary Resolution

204,136,923

100.00%

-

-

20,888

2) Ordinary Resolution

204,141,145

100.00%

-

-

16,666

3) Ordinary Resolution

204,157,811

100.00%

-

-

-

4) Ordinary Resolution

160,115,147

79.47%

41,367,282

20.53%

2,675,381

5) Ordinary Resolution

204,157,811

100.00%

-

-

-

6) Ordinary Resolution

193,992,380

95.02%

10,165,430

4.98%

-

7) Ordinary Resolution

204,157,811

100.00%

-

-

-

8) Ordinary Resolution

160,115,147

79.47%

41,367,282

20.53%

2,675,381

9) Ordinary Resolution

204,120,434

99.98%

37,376

0.02%

-

10) Ordinary Resolution

193,972,338

95.02%

10,168,806

4.98%

16,666

11) Special Resolution

204,157,811

100.00%

-

-

-

12) Special Resolution

204,102,397

99.97%

55,414

0.03%

-

 

The Board notes the outcome of the shareholder votes against Resolution 4 and Resolution 8 concerning the elections of Craig Stewart and Hilary Jones. The Board recognises the concerns which have been expressed by shareholders regarding the independence of these Directors.

 

The Board notes that corporate governance best practice is for the Audit Committee to be composed solely of independent, non-executive Directors. Whilst the Board continues to consider both Hilary Jones and Craig Stewart to be independent, it has taken into consideration the views of shareholders and, given the relationship of these Directors with the Company Secretary, R&H Fund Services (Jersey) Limited, has concluded that neither Director should continue as a member of the Audit Committee. In accordance with Listing Rule 9.6.11R, Target Healthcare REIT confirms that this change will happen with immediate effect.

 

Whilst the Company is a UK REIT for the purposes of taxation, it continues to be domiciled in Jersey. As such, Hilary Jones' and Craig Stewart's position as Directors of the Company is considered by the Board to be the most cost efficient and effective means of ensuring that it fulfils its obligation to have two Jersey-based Directors and that the Board has sufficient knowledge and experience of the Jersey regulatory environment to ensure that it understands and follows best practice within that regime. It is anticipated that the valued experience of both Directors will continue to be available to the Audit Committee where required.

 

 

 

 

 

For further information please contact:       

 

Target Fund Managers Limited

Kenneth MacKenzie, Gordon Bland

 

 

01786 845 912

Stifel Nicolaus Europe Limited

Mark Young, Neil Winward, Tom Yeadon

 

 

020 7710 7600

FTI Consulting

Dido Laurimore, Claire Turvey, Richard Gotla

 

 

020 3727 1000

Maitland Administration Services (Scotland) Limited

Donald Cameron

 

 

0131 550 3763

 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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