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LONDON - KCR Residential REIT plc announced Wednesday that it received a requisition for a general meeting from a consortium of shareholders holding over 20% of the company’s issued share capital.
The requisition letter, dated June 12, calls for the removal of all current directors, including those appointed by majority shareholder Torchlight Fund LP, and the appointment of replacement directors. The consortium also wants the newly constituted board to initiate a strategic review for further shareholder approval.
The board confirmed the requisition was properly made under section 303 of the Companies Act 2006 and will post a circular to shareholders with notice of the general meeting by July 4.
However, KCR noted that Torchlight Fund LP, which holds approximately 55.44% of the company’s shares, has already informed the company it intends to vote against all proposed resolutions. With this majority position, the resolutions are expected to fail.
KCR, a residential REIT group, received the requisition on June 13. The company stated that further announcements will be made as developments occur.
The information was released as an inside information announcement under UK Market Abuse Regulation requirements, according to the press release statement.
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