Last checked at 4 Mar 2021 07:00
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.
4 March 2021
Alternative Income REIT plc
(the "Company" or the "Group")
BOARD CHANGES
The Board of Directors of Alternative Income REIT plc (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets predominantly let on long leases, announces that Steve Smith has informed the Board of his decision to step down as Chairman of the Company on 1 May 2021 and resign as a Director of the Company on the same date.
Alan Sippetts, currently a Non-Executive Independent Director of the Company, will replace Steve Smith as Non-Executive Chairman of the Board effective 1 May 2021.
A further announcement will be made early next week on the conclusion of the shareholder engagement process.
Steve Smith, Non-Executive Chairman, commented:
"With the immediate conclusion of the shareholder engagement process and to ensure a smooth transition, following the approval of the revised Investment Advisory Agreement, I have made the decision to step down as Chairman of the Company. Whilst I believe that the investment policy changes proposed at the Company's AGM would have been in the best interests our shareholders, I recognise and fully accept the need for continuing caution at this time. The Company's portfolio is in good shape and should perform well in the coming period and I wish Alan the best in his new role."
Alan Sippetts, Non-Executive Director, commented:
"I am pleased to accept the role of Chairman at Alternative Income REIT plc and, on behalf of the Board, I would like to thank to Steve for his significant contribution to the Company since its IPO in June 2017. He leaves the business and portfolio well positioned for the better times that we expect to lie ahead, and with a strong foundation from which to deliver shareholders attractive total returns including a potentially progressive dividend. Steve departs the business with our best wishes."
ENQUIRIES
Alternative Income REIT PLC | via Maitland/AMO below |
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M7 Real Estate Ltd Richard Croft | +44 (0)20 3657 5500 |
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Panmure Gordon (UK) Limited | +44 (0)20 7886 2500 |
Alex Collins |
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Tom Scrivens |
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Chloe Ponsonby |
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Maitland/AMO (Communications Adviser) | +44(0) 7747 113 930 |
James Benjamin | james.benjamin@maitland.co.uk |
The Company's LEI is 213800MPBIJS12Q88F71.
Further information on Alternative Income REIT plc is available at www.alternativeincomereit.com1
NOTES
Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain inflation linked rent review provisions.
The Company's investment adviser is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. Majority owned by its senior managers, it has over 200 employees in 14 countries across Europe. The team manages over 835 properties with a value of circa €5.1 billion.
1 Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published on a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.