Business
Publication of Circular & General Meeting Notice
Publication of Circular & General Meeting Notice.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \nFOR IMMEDIATE RELEASE\n \n20 November 2024\n \nResidential Secure Income plc\n \n(\"ReSI plc\" or the \"Company\") \n \nPublication of Circular and Notice of General Meeting\n \nFurther to the announcement of 3 October 2024, the Board of ReSI plc (LSE: RESI) announces that a circular (the \"Circular\") to convene a general meeting (the \"General Meeting\") has been published today and sent to shareholders (\"Shareholders\"), the purpose of which is to propose a new investment objective and investment policy of the Company (the \"New Investment Policy\") in order to implement a managed realisation and wind-down of the Company (the \"Managed Realisation and Wind-Down\").\n \nUnder the proposed Managed Realisation and Wind-Down process, the Company will be managed with the intention of realising all the existing assets in its portfolio in an orderly manner and with a view to repaying borrowings and making timely returns of capital to Shareholders.\n \nThe adoption of the New Investment Policy is conditional on Shareholder approval by way of an ordinary resolution requiring the approval of holders of a majority of the Company's shares voted at the General Meeting (whether in person or by proxy) (the \"Resolution\").\n \nThe Board unanimously recommends that Shareholders vote in favour of the Resolution to be proposed at the General Meeting.\n \nThe Board will seek to achieve the most tax-efficient treatment for the Company's UK Shareholders as a whole taking into account the composition of the Company's shareholder register, but, as Shareholders' circumstances will vary, it is important that Shareholders seek their own independent tax and financial advice at all times.\n \nChange to the Fund Manager's fee arrangements\n \nConditional upon the adoption of the New Investment Policy, the Company and the Fund Manager have agreed to amend the terms of the Fund Manager's fee arrangements so as to ensure that the Fund Manager is appropriately incentivised to maximise the value received from the Company's assets in a timely manner.\n \nDetails ...