Unite Group PLC Update on 2018 AGM resolution votes (7640I)
29 November 2018 - 12:00AM
UK Regulatory
TIDMUTG
RNS Number : 7640I
Unite Group PLC
28 November 2018
THE UNITE GROUP PLC (the "Company")
28 November 2018
Update on 2018 AGM resolution votes
At the Company's Annual General Meeting on 10 May 2018 all
resolutions were duly passed but there were votes against the share
issuance resolutions (Resolution 15 (Issue shares pre-emptively),
Resolution 16 (Dis-apply Pre-emption Rights) and Resolution 17
(Dis-apply Pre-emption rights - acquisition/specified capital
investment), and we are therefore providing an update. For further
information, a link to the Company's Results of AGM announcement is
here Result of AGM.
The Company has proactively engaged with shareholders and proxy
advisers and will continue to engage ahead of its 2019 AGM. Overall
the engagement has been positive and supportive. In summary, the
votes against these resolutions were due primarily to the perceived
cumulative impact of share issuances over the past few years.
Whilst shareholders were overwhelmingly supportive of the
individual share issuances, the Company acknowledges the feedback
and will continue to engage with shareholders and consider
shareholder and proxy voting guidelines.
A final update on actions taken by the Company will be provided
in its 2018 Annual Report & Accounts or in the explanatory
notes to resolutions proposed at its 2019 AGM.
-ENDS-
For further information, please contact:
Unite Students
Candice Macdonald, Head of Communications Tel: +44 7525 592 521
Powerscourt (PR adviser to Unite)
Justin Griffiths or Mazar Masud Tel: +44 207 250 1446
Notes to editors:
About Unite Students
Unite Students is the UK's largest manager and developer of
purpose-built student accommodation serving the country's
world-leading higher education sector. We currently provide homes
for almost 50,000 students in circa 130 properties across 22
leading university towns and cities in England and Scotland. Unite
also has a strong development pipeline, which will deliver a
further 8,000 beds in the next three years.
Our 1,400 people are driven by a common purpose: to provide the
students who live with us a 'Home for Success' and to be the most
trusted brand in the sector. We do this through quality service,
quality people and quality properties, all designed on the basis of
an unrivalled insight into students' needs and preferences.
Unite's accommodation is high quality, safe and secure, and
located close to university campuses, transport links and local
amenities. Students live predominantly in en-suite study bedrooms
with rents covering all bills, insurance, 24-hour security,
fortnightly cleaning services and high-speed Wi-Fi. MyUnite, our
mobile app, provides practical support such as instant messaging
and maintenance requests.
Our commitment to customer service is powered by an innovative,
in-house operating platform. It provides a wide range of benefits
to our students, such as an optimised online booking process, as
well as providing us with a unique ability to drive value from our
portfolio through scale efficiencies and revenue management.
Alongside delivering great service, our other strategic priority
is delivering growing and sustainable earnings, underpinned by a
strong capital structure. A key part of this strategy is growing
the number of beds let though partnerships with mid and high tariff
universities which are experiencing record levels of student
demand. We currently partner with 60 higher education institutions,
guaranteeing that approximately 60% of our rooms are let under
multi-year, 'nomination agreements' providing high visibility of
forward occupancy and rental growth.
Unite is invested in and operates two specialist funds and joint
ventures with institutional investment partners: the GBP2 billion
Unite UK Student Accommodation Fund (USAF), and the GBP1 billion
London Student Accommodation Vehicle (LSAV).
Unite is the founder of and major donor to the Unite Foundation,
a charitable trust established to support talented students facing
challenging financial circumstances through the provision of free
accommodation annual scholarships. The Foundation has so far
provided scholarships for 250 young people working in close
collaboration with 28 universities.
Founded in 1991 in Bristol, Unite Group is an award-winning Real
Estate Investment Trust (REIT), listed on the London Stock Exchange
and a member of the FTSE 250 Index.
For more information, please visit Unite's corporate website
www.unite-group.co.uk, the student site www.unite-students.com or
the Unite Foundation www.unitefoundation.co.uk.
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END
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