Waverton and CCLA among investor group in PRS REIT seeking chair removal and strategic review

Proposed options include a sale

A group of shareholders owning 17.3% of PRS REIT are pushing for the removal of chair Stephen Smith and have called for a strategic review, with proposed options including a sale of the £500m trust.

The investors, which have requisitioned an extraordinary general meeting to vote on the resolutions, have put forward former Hipgnosis Songs and Round Hill Music chair Robert Naylor as Smith's replacement.  Waverton Investment Management, CCLA Investment Management, Alder Investment Management, CG Asset Management and Harwood Capital Management also want to oust Steffan Francis as non-executive director.  As Francis's replacement, they have proposed Christopher Mills, who is the ultimate majority shareholder of Harwood Capital Management and co-founder and former CIO of JO Hambro Capi...