Propertylink Board likely to stay
Last month Centuria partitioned unit holders in Propertylink to support their proposal to remove the Directors of Propertylink forcing an EGM which is to be held on the 15th November 2018.
According to the AFR, Proxy advisor groups, ISS and Ownership Matters, have recommended against Centuria's board spill motions while another advisor, CGI Glass Lewis recommended investors abstain from the vote. With ESR also advising against the change in the Board and Centuria itself last week recommending a deferment, the motion will likely be defeated.
This week, Centuria have sought to clarify their reasons for seeking a deferment citing inaccuracies in the representations Propertylink made in respect of Centuria's reasons for the proposed change and to also allow security holder more time to assess the ESR proposal following the BIA which was due to be executed on Friday 9th November.
Centuria continue to recommend the EGM be deferred by 10 days and for Propertylink to correct the alleged misleading statements.
Propertylink and ESR will likely see the support of the proxy advisors as a win against Centuria who are also positioning themselves against a potential takeover bid from ESR for their Industrial REIT.