TIDMYEW

RNS Number : 7489Z

Yew Grove REIT PLC

25 May 2021

Yew Grove REIT plc

(the "Company" or "Yew Grove ")

Result of EGM

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce that at the Extraordinary General Meeting (the "EGM") held earlier today, the Resolutions required to authorise the Directors to allot and issue up to a maximum of 100 million new Ordinary Shares pursuant to a new Share Issuance Programme and disapply pre-emption rights in respect of the allotment and issue of such new Ordinary Shares, were duly passed by shareholders. The number of votes cast for and against each of the Resolutions put before the EGM and the number of votes withheld were as follows. The total number of Ordinary Shares in issue is 124,922,210.

 
 Resolution                      For                  Against          Total votes     Votes 
                                                                           cast       withheld 
                         Total votes     %      Total votes     % 
                        ------------           ------------  ------- 
 To grant authority 
  to the Directors 
  to allot and 
  issue up to 
  a maximum of 
  100 million 
  New Shares pursuant 
  to the Share 
  Issuance Programme     46,542,795    79.60%   11,928,050    20.40%   58,470,845        - 
                        ------------  -------  ------------  -------  ------------  ---------- 
 To disapply 
  pre-emption 
  rights in respect 
  of the allotment 
  and issue of 
  such number 
  of New Shares          46,542,795    79.60%   11,928,050    20.40%   58,470,845        - 
                        ------------  -------  ------------  -------  ------------  ---------- 
 

The Board notes that while both of the Resolutions put before the EGM were passed, a significant minority of the votes which were cast, 20.40%, were voted against each Resolution. The authorities granted by these Resolutions are in line with the authorities that were granted by shareholders at the extraordinary general meeting of the Company held in July 2019 and the purpose of the authorities is to allow the Company to continue to take advantage of opportunities within its target market.

The Board had significant engagement with shareholders earlier this year following the announcement of the Company's 2020 results and remains committed to continuing an open and transparent dialogue with shareholders. In accordance with the UK Corporate Governance Code 2018, the Board will seek to engage with shareholders on their reasons for voting against these Resolutions. We will then publish an update on this engagement within six months of the EGM.

Notes

1. Any proxy appointments which gave discretion to the Chairman have been included in the "Total votes for" total.

2. A "Vote Withheld" is not a valid vote in Irish law and was not counted in the calculation of the proportion of the votes "For" or "Against" a resolution.

For further information contact:

 
 Yew Grove REIT plc                           +353 1 485 3950 
 Jonathan Laredo, Chief Executive Officer 
                                             ---------------------------------- 
 Charles Peach, Chief Financial Officer 
                                             ---------------------------------- 
 Michael Gibbons, Chief Investment Officer 
                                             ---------------------------------- 
 
 Goodbody Stockbrokers UC                     +353 1 667 0400 
                                             ---------------------------------- 
 Joint Broker & Euronext Growth Advisor 
                                             ---------------------------------- 
 David Kearney, John Flynn, Edel O'Reilly, 
  Ronan Bransfield 
                                             ---------------------------------- 
 
 Liberum Capital Limited 
                                             ---------------------------------- 
 Joint Broker & Nomad                         +44 20 3100 2000 
                                             ---------------------------------- 
 Richard Crawley, Jamie Richards 
                                             ---------------------------------- 
 
 IFC Advisory                                 +44 203 934 6630 
                                             ---------------------------------- 
 Financial PR                                 yewgrovereit@investor-focus.co.uk 
                                             ---------------------------------- 
 Tim Metcalfe, Graham Herring 
                                             ---------------------------------- 
 

Forward-looking Statements

Certain information contained in this announcement may constitute forward-looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward-looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

Notes to editors

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Growth Market in Dublin, is an Irish commercial real estate company invested in a diversified portfolio of Irish commercial property. Yew Grove has a particular focus on well-tenanted commercial real estate assets comprising of office and industrial assets outside of Dublin's Central Business District.

Yew Grove's highly experienced team has a proven track record in commercial property investment and asset management in Ireland and internationally and is focused on delivering results. Its investment approach is strategic, not speculative, principally on assets that are let, pre-let or to be let after refurbishment. Shareholders are provided with stable, long-term income from a diverse portfolio of commercial property comprising well-tenanted real estate in strategic centres let to Irish government entities and other state bodies, IDA Ireland supported and other FDI companies, and larger corporates.

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END

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May 25, 2021 06:34 ET (10:34 GMT)

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