LONDON - Home REIT PLC (LON:HOMEH) disclosed today that at a recent General Meeting, shareholders voted against accepting the company's annual report and accounts for the fiscal year ending August 31, 2022. The decision follows a recommendation by the shareholder advisory consultancy ISS to vote against the resolution due to delays and the qualified nature of the accounts.
The poll results showed that 54.75% of votes cast were against the resolution to receive the annual report, with 45.25% in favor, and 55.04% of the issued share capital was voted. On the other hand, the Directors' Remuneration Report was approved with a significant majority of 87.94% votes in favor.
The company acknowledged the outcome, with the Board recognizing the majority of shareholders' dissenting votes. The Board also acknowledged the frustration shared by shareholders regarding the delays in publishing the company's outstanding annual and interim accounts.
In response to the vote, Home REIT intends to engage in further consultations with relevant shareholders to understand their reasons for the vote, which will build on discussions that have already occurred prior to the General Meeting. The company has committed to providing an update within six months following the General Meeting.
Home REIT, with an issued share capital of 790,570,465 ordinary shares, holds no shares in treasury, meaning the total number of voting rights equaled the number of shares.
The information based on the press release statement highlights the company's current situation and the shareholders' response, reflecting the importance of transparency and accountability in corporate governance. The outcome of the meeting will likely lead to further discussions between the company's Board and its shareholders to address the concerns raised and to outline the steps Home REIT will take to remedy the situation.
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