Alternative Income REIT PLC Board Changes (0905R)
04 March 2021 - 6:00PM
UK Regulatory
TIDMAIRE
RNS Number : 0905R
Alternative Income REIT PLC
04 March 2021
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND
IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED
STATES OF AMERICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA,
CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.
4 March 2021
Alternative Income REIT plc
(the "Company" or the "Group")
BOARD CHANGES
The Board of Directors of Alternative Income REIT plc (ticker:
AIRE), the owner of a diversified portfolio of UK commercial
property assets predominantly let on long leases, announces that
Steve Smith has informed the Board of his decision to step down as
Chairman of the Company on 1 May 2021 and resign as a Director of
the Company on the same date.
Alan Sippetts, currently a Non-Executive Independent Director of
the Company, will replace Steve Smith as Non-Executive Chairman of
the Board effective 1 May 2021.
A further announcement will be made early next week on the
conclusion of the shareholder engagement process.
Steve Smith, Non-Executive Chairman, commented:
"With the immediate conclusion of the shareholder engagement
process and to ensure a smooth transition, following the approval
of the revised Investment Advisory Agreement, I have made the
decision to step down as Chairman of the Company. Whilst I believe
that the investment policy changes proposed at the Company's AGM
would have been in the best interests our shareholders, I recognise
and fully accept the need for continuing caution at this time. The
Company's portfolio is in good shape and should perform well in the
coming period and I wish Alan the best in his new role."
Alan Sippetts, Non-Executive Director, commented:
"I am pleased to accept the role of Chairman at Alternative
Income REIT plc and, on behalf of the Board, I would like to thank
to Steve for his significant contribution to the Company since its
IPO in June 2017. He leaves the business and portfolio well
positioned for the better times that we expect to lie ahead, and
with a strong foundation from which to deliver shareholders
attractive total returns including a potentially progressive
dividend. Steve departs the business with our best wishes."
ENQUIRIES
Alternative Income REIT PLC via Maitland/AMO below
M7 Real Estate Ltd
Richard Croft +44 (0)20 3657 5500
Panmure Gordon (UK) Limited +44 (0)20 7886 2500
Alex Collins
Tom Scrivens
Chloe Ponsonby
Maitland/AMO (Communications Adviser) +44(0) 7747 113 930
James Benjamin james.benjamin@maitland.co.uk
The Company's LEI is 213800MPBIJS12Q88F71.
Further information on Alternative Income REIT plc is available
at www.alternativeincomereit.com (1)
NOTES
Alternative Income REIT PLC aims to generate a sustainable,
secure and attractive income return for shareholders from a
diversified portfolio of UK property investments, predominately in
alternative and specialist sectors. The majority of the assets in
the Group's portfolio are let on long leases which contain
inflation linked rent review provisions.
The Company's investment adviser is M7 Real Estate Limited
("M7"). M7 is a leading specialist in the pan-European, regional,
multi-tenanted real estate market. Majority owned by its senior
managers, it has over 200 employees in 14 countries across Europe.
The team manages over 835 properties with a value of circa EUR5.1
billion.
1 Neither the content of the Company's website, nor the content
on any website accessible from hyperlinks on its website or any
other website, is incorporated into, or forms part of, this
announcement nor, unless previously published on a Regulatory
Information Service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to
hold, or dispose of, securities in the Company.
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END
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