PRS REIT shareholders withdraw requisition notice following agreement on board changes

Reshuffle of directors

A group of shareholders in PRS REIT (PRSR) have withdrawn their requisition notice to call a general meeting, as they reached an agreement with the trust to reshuffle the board of directors.

In a stock exchange notice today (13 September), PRSR said its board reached an agreement with the requisitioning shareholders, which will see current non-executive chair Steve Smith step down at the next annual general meeting. Shareholder discontent deepens as PRS REIT board faces governance concerns As a result, Geeta Nanda, senior independent director, will take on the role of interim chair following the AGM and lead the appointment process of a new permanent chair. The recruitment process has been launched "immediately", PRSR said, as it turned to external consultants to suppo...