21st Jun 2019 18:07
(Alliance News) - Phoenix Spree Deutschland Ltd shareholders showed their discontent with the company's board Friday with more than a fifth voting against several members of the board's re-election.
Over 25% of shareholders voted the re-election of Quentin Spicer as non-executive director. Over 20% voted against Charlotte Valeur, Monique O'Keefe and Jonthan Thompson's re-elections.
The Berlin-focused property investor noted the votes and said it will "consult relevant shareholders and respond in due course."
Shares in Phoenix Spree Deutschland closed down 0.5% Friday at 283.00 pence each.
Last Friday, the company said it had reservations that potential new rent controls in Berlin could be implemented and emphasised it has profitably dealt with such controls in the past.
Phoenix Spree Deutschland noted the weakness in its share price recently, which has seen its shares shed 16% of their value since the start of June. Consequently, Phoenix Spree explained its shares were currently trading at a 27% discount to its net asset value per share at the end of 2018.
Phoenix Spree emphasised the NAV discount was "in line" with its German-listed peers and reflects market concerns about unspecified reports that the Berlin state government may announce new rent controls in August.
The company's portfolio was valued at GBP645.7 million as at December 31, up 6.0% from EUR609.3 million the prior year.
Related Shares:
Phoenix Spree D