Shareholder discontent deepens as PRS REIT board faces governance concerns

Questions over Rothschild appointment

The PRS REIT (PRSR) board of directors is grappling with governance concerns as backing for proposals from a group of dissident shareholders continues to grow.

Robert Naylor and Christopher Mills, the directors put forward last week to replace chair Stephen Smith and non-executive director Steffan Francis, said in an open letter on Monday (2 September) that 16 institutions are now backing the proposals. "When we commenced this process, we had seven institutions supporting us. We now have more than 16, accounting for more than 30% of the issued share capital and we anticipate this number to further increase," they said.  A group of shareholders, including Waverton, CGAM, Harwood Capital and CCLA, called for an extraordinary general meeting on...