Business
Notice of Requisitioned EGM a
Notice of Requisitioned EGM a.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n RNS Number : 1578P Sirius Real Estate Limited 12 July 2010 \n \n\n \n \n \nSirius Real Estate Limited\n(\"Sirius\" or \"the Company\")\n \nNotice of Requisitioned EGM and EGM Circular\n \n \nSummary\n \nOn 9 July 2010 the Company issued a circular to shareholders in relation to the requisitioned EGM announced on 21 June 2010 which sets out the proposed resolutions and explains why the Board strongly recommends that Shareholders vote against all of the requisitioned resolutions. \n \nEGM requisition\n \nThe Company received a requisition notice on 18 June 2010 (the \"Requisition\") sent on behalf of Weiss Asset Management LP (the \"Requisitioner\"). The Requisition sets out ordinary resolutions 1-5 for the removal as Directors of the Company of Dick Kingston (Non-Executive Chairman) and Walter Hens (Non-executive Director), and for the appointment as Directors of Rolf Elgeti, Michael Neubürger and Eitan Milgram (the \"Requisitioned Resolutions\"). The Requisitioner is interested in 20.7 per cent. of the Company's issued share capital. \n \nBoard Recommendation\n \nThe Board unanimously recommends that Shareholders vote AGAINST all of the Requisitioned Resolutions. The Board considers the Requisitioned Resolutions to be directly against the best interests of the Company and its Shareholders as a whole. \n· The Board still expects to deliver continued improvement over 2010 and 2011 and is pleased to announce its June 2010 trading update. As announced at the full year results, during April and May the Company achieved new lettings of 20,556 sqm. In June, the Company continued this good progress with new lettings of 15,218 sqm taking total lettings for Q1 to 35,774 sqm (2009 Q1: 15,008 sqm), with net lettings of circa 15,000 sqm for Q1 2010. As a result, the sales performance in 2010 has created a good base towards achieving the Group's occupancy targets even after taking into account known moveouts. The improved momentum behind the business continues with both sales enquiry levels and website traffic remaining strong.\nIn light of the recent improvements in the trading performance of the Company under its current management, the Board believes that now is a highly inappropriate time to change the composition of the Board...