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LONDON - KCR Residential REIT plc (LON:KCR) announced Monday that shareholders defeated all resolutions at a requisitioned General Meeting, preserving the company’s current leadership structure.
The meeting, held on July 14, saw all nine proposed resolutions rejected by a significant margin, with approximately 84% of votes cast against each proposal. The resolutions had sought to remove the current executive team, including Chief Executive Officer Russell Naylor and Chairman James Thornton, along with two non-executive directors.
The proposals also included appointing four new directors and initiating a strategic review of the company’s operations and future direction.
Major shareholder Torchlight Fund LP, which holds approximately 55.44% of KCR’s issued share capital, had previously announced on June 18 its intention to vote against all resolutions and followed through as planned.
The meeting saw participation from shareholders representing 67.67% of the company’s issued share capital. KCR, which operates as a residential real estate investment trust, will continue under its existing leadership structure following the failed board overhaul attempt.
This information is based on a regulatory news service announcement issued by the company.
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