The board of Urban Logistics REIT is ready to stand by the incumbent board members and merits of the trust following an attempt by activist investor Achilles to overhaul the vehicle.
In a company note on Wednesday (26 March), Urban Logistics acknowledged the receipt of Achilles' proposal to requisition a general meeting which would seek to oust three board members – Nigel Rich, Richard Moffitt and Heather Hancock – and said it will recommend shareholders to vote against the proposed changes. According to the REIT, the general meeting will allow the board to demonstrate to its shareholders the "true quality and potential" of the business, as well as the "merits of internalisation" and the track record of governance that the board has shown. Urban Logistics REIT hi...
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