Business
Result of GM, Issue of Equity and Board changes
Result of GM, Issue of Equity and Board changes.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \nRNS Number : 0808H KCR Residential REIT PLC 29 July 2019 \n\n29 July 2019\nKCR Residential REIT plc\n(\"KCR\" or the \"Company\")\n \nResult of General Meeting, Issue of Equity and Board changes\n \nKCR Residential REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to make the following announcement.\n \nGM Result\nAt the Company's General Meeting held earlier today, all resolutions put to the meeting were duly passed. Voting was on a poll and the number of votes for each of the resolutions was 11,405,369 (representing approximately 99.99% of the votes cast) and the number of votes against each resolution was 1,000 (representing approximately 0.01% of the votes cast). The total number of votes cast was 11,406,369 (representing 72.2 % of the total voting rights in the Company).\n \nIssue of Equity & Option\nFollowing the Company's announcement on 12 July 2019, the Company will issue and allot 9,000,000 New Ordinary Shares to Torchlight pursuant to the Proposals, conditional on Admission, and grant an option to Torchlight to subscribe for a further 50,000,000 New Ordinary Shares during the Option Period.\n \nApplication for admission for the Torchlight Subscription Shares, the Redesignation Shares, the Conversion Shares, the Ladbroke Grove Shares and the Thornton Shares, as set out in the 12 July 2019 announcement, has been made and Admission is expected to take place on 6 August 2019.\n \nRCL & Strategic Partnership Agreement\nThe Company has also entered into a Strategic Agreement with Torchlight's investee, RCL, a residential land developer in Australia and New Zealand. The intention of the Company and RCL is that RCL will diligently progress the preparatory design and planning work necessary for the development of relevant properties so as to be available for purchase by the Company for rental purposes. \n \nBoard of Directors\nPursuant to the provisions of the Relationship Agreement, on completion of the Proposals, expected on 6 August 2019, Russell Naylor will join the Board at the request of Torchlight as an executive director and Richard Boon and James Thornton will both join as non-executive directors. Further details of each proposed director's experience can be found in the 12 July announcement and the details required Schedule 2...