PRS REIT board

PRS REIT is facing mounting pressure from a group of shareholders controlling 17.3% of its shares, who have called for an extraordinary general meeting to vote on replacing Chairman Stephen Smith and non-executive director Steffan Francis. The group, which includes Waverton and CCLA, has seen support grow to 16 institutions, representing over 30% of the company's share capital, as they demand a strategic review that could include a potential sale of the company. Although the board acknowledges shareholders' frustrations, it questions the urgency of convening a meeting shortly before the scheduled annual general meeting in December, citing concerns over costs and disruption. The board has formed a sub-committee to engage with the requisitioning shareholders but remains resistant to their demands. Shareholders have also suggested selling properties to address debt concerns and buying back shares to reduce the current discount on the stock. The ongoing tensions highlight significant governance and strategic challenges within PRS REIT.