TIDMGRIO
RNS Number : 0831U
Ground Rents Income Fund PLC
24 March 2023
Ground Rents Income Fund plc
("the Company")
CIRCULAR AND NOTICE OF EXTRAORDINARY GENERAL MEETING
Following the announcement of 22 December 2022, the Ground Rents
Income Fund plc ("GRIO" or the "Company") has today written to
Shareholders with a Circular and Notice of Extraordinary General
Meeting ("EGM") regarding the future of the Company. The letter
from the independent non-executive Chair included within the
circular is set out below, and follows the Shareholder Consultation
relating to the forthcoming continuation vote and changes to the
Company's investment policy. Unless otherwise indicated, all
defined terms in this announcement shall have the same meaning as
described in the circular.
Barry Gilbertson, the Company's Chair said:
"The Shareholder Consultation relating to the continuation vote
was set against the backdrop of a challenging regulatory
environment, where we are working hard to protect both shareholders
investments and leaseholders interests. As part of the
consultation, the Board and Manager set out how we are proactively
addressing these challenges in order to improve the liquidity of
the underlying portfolio and deliver best-in-class residential
asset management. We are encouraged by the positive support from
shareholders during the consultation to our strategy for optimising
value in line with the proposed new investment policy."
The circular can be viewed on the Company's website at
www.groundrentsincomefund.com .
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Letter from the Independent Non-Executive Chair
Dear Shareholder,
PROPOSALS REGARDING THE FUTURE OF THE COMPANY
I am writing to inform you that an EGM of the Company will be
held at 1 London Wall Place, London, England, EC2Y 5AU on Monday
24(th) April 2023 at 12:00pm (BST). The formal notice of the EGM
(the "Notice") and the Resolutions to be proposed are set out in
Part 3 of this document. The EGM is separate from the Annual
General Meeting which will be held on 28(th) March 2023.
The purpose of my letter is to explain the business to be
considered at the EGM relating to the proposed amendment to the
Articles and the proposed adoption of the New Investment
Policy.
1. Introduction
In the Company's trading update dated 22 December 2022 (the
"December Announcement", to be found at
http://groundrentsincomefund.com/ under "Trading Update and
Shareholder Consultation"), the Board set out the continuing impact
of the Building Safety Act 2022 ("BSA") and leasehold regulatory
reform on the Company's Net Asset Value ("NAV"), and proposals for
a Shareholder consultation relating to the forthcoming Continuation
Vote (as defined below). In light of the challenges facing the
Company, and in order to determine the best strategy for optimising
Shareholder value, the Board instigated this consultation (the
"Shareholder Consultation") in January 2023 to seek views on (1)
alternative proposals to the Wind-up Resolution (as defined below)
and (2) changes to the Company's extant Investment Policy.
2. Background to the key challenge facing the Company and its impact on NAV
The key points highlighted to Shareholders in the December
Announcement, together with a summary of subsequent, relevant
information principally relating to building safety, are set out
below:
-- As at 30 September 2022, 30 assets, representing 21% of the
Company's portfolio by value, were subject to a Material Valuation
Uncertainty Clause ("MUC"), with a negative valuation adjustment
for building safety regulatory reform of GBP11.4 million. The
application of the MUC was adopted by the Company's independent
valuer, Savills, in conjunction with industry peers and as
recommended by the Royal Institution of Chartered Surveyors (the
"RICS"). The valuation adjustment applied by Savills was based on
high level assumptions reflecting their views on the impact of the
BSA. The portfolio valuation also included a negative valuation
adjustment for residential leasehold regulatory reform of GBP3.8
million.
-- The introduction of the BSA, and ongoing work relating to
verifying Savills assumptions supporting the valuation adjustment,
has resulted in a continued delay in producing the Company's
audited results for the financial year ended 30 September 2022 (the
"Accounts"), and may still result in a qualified audit opinion. The
Company has obtained approval from Companies House and The
International Stock Exchange ("TISE") to extend the filing and
publication date for the Accounts from 31 March 2023 to 30 June
2023.
-- Work is ongoing with the Company's auditor,
PricewaterhouseCoopers LLP ("PwC"), and the Company's independent
valuer, Savills, to more accurately verify the valuation
adjustments used by Savills in the Accounts. It is possible that
the verification exercise may lead Savills to change its valuation
adjustment, which could increase or decrease the valuation of the
Company's portfolio as at 30 September 2022 to be used in the
Accounts. Progress is being made and, as at today's date, the Board
estimates that 26 assets are impacted by the MUC, representing
approximately 16.9% of portfolio value, reduced from 21% as at 30
September 2022. In order to provide Shareholders with as much
relevant information as possible, the Company plans to disclose its
unaudited independent valuation as at 31 March 2023 in the
forthcoming Accounts.
-- In parallel with the verification exercise being conducted
with PwC, work is ongoing to fully understand the impact of the BSA
(which received Royal Assent on 28 April 2022) on the Company, as
well as secondary leaseholder protection legislation which became
law in July 2022. The Board and its Manager, Schroder Real Estate
Investment Management Limited (the "Manager"), endorse the BSA's
aims of improving building standards, and helping to protect
leaseholders living in their homes from the costs of remediating
building safety risk issues.
-- In January 2022, the British Standards Institute, in
conjunction with the UK Government, introduced more proportionate
building safety assessment guidelines, known as PAS9980. It became
apparent over time that relevant assessors were not able to procure
appropriate professional indemnity insurance in the market, and so
the UK Government subsequently introduced a state-backed
professional indemnity insurance scheme for relevant assessors. The
guidelines, together with the professional indemnity insurance
scheme for relevant assessors, are now gradually leading to more
comprehensive fire risk assessments and more proportionate remedial
measures, potentially reducing unnecessary costs. The consequence
might be expected to reduce the potential quantum of MUC
adjustments in future independent valuations.
-- In conjunction with the BSA and the new assessment
guidelines, the UK Government has implemented measures to ensure
that, where possible and consistent with the "polluter pays"
principle, the original developer responsible for the construction
or refurbishment of the defective building is also responsible for
remediation. The Company did not develop any of the assets in its
portfolio, meaning it is not the "polluter" for these purposes. In
late Autumn 2022, the UK Government invited relevant developers to
sign a "pledge" to pay for the remedial building and fire safety
works. Since an announcement by the UK Government on 14 March 2023,
43 developers, including the top ten biggest house builders in the
UK, have now signed a legally binding contract, known as the Self
Remediation Terms ("SRT"), that obliges them to fix all
life-critical fire-safety defects in all English buildings over 11
metres in height they had a role in constructing or refurbishing.
The SRT also requires the developers to reimburse the taxpayer
where UK Government funds have already paid for remediation. The UK
Government will shortly publish information on how eligible
developers, who have not signed an SRT, will be prohibited from
carrying out major development or from receiving building control
approval unless they sign and adhere to the SRT. Accordingly, the
sector anticipates that all major developers will eventually sign
the SRT. As at the date of this letter, the Board estimates that 12
of the Company's 26 assets which remain subject to a MUC were
developed by developers who have signed the SRT. The SRT should
therefore significantly reduce the residual financial liability for
assets developed by SRT-signed developers. For the remaining 14
assets, our due diligence has led us to contact, where relevant,
the original developer or the Residents Management Company ("RMC")
responsible for managing the asset, to try to determine any likely
residual liability for the Company.
-- Alongside the SRT, grant funding remains available via
funding from the UK Government through the Building Safety Fund
("BSF") for buildings over 18 metres in height, or the Medium Rise
Scheme ("MRS") for buildings over 11 metres in height. The Company
currently has 14 applications in progress for government funding,
with one already completed.
-- The UK Government action outlined should reduce the risk of
the Company incurring the remediation costs assumed in the MUC
adopted in the independent valuation, and a more detailed
assessment will be included within the Accounts. Whilst this is
positive, landlords (such as the Company) may still be liable for
any costs that are outside the scope of leaseholder contributions
defined in the BSA. Consequently, understanding the extent of this
residual risk is the underlying purpose of the verification
exercise. In order to protect Shareholders' interests, the Company,
alongside other institutional owners, will continue making
representations to the UK Government to encourage fairness towards
landlords who have not developed the assets which they own, and to
gain a better understanding of the potential consequences of this
aspect of the BSA.
-- Whilst, as noted previously, building and fire safety,
together with leasehold reform, has increased the complexity of the
challenges facing the Company, the Board is acting to balance and
protect both leaseholders' interests and the investments of our
Shareholders, with a focus on improving the liquidity of the
Company's underlying portfolio. It was against this backdrop, and
the forthcoming Continuation Vote, that, in the December
Announcement, the Company confirmed its intention to consult with
Shareholders. The Board therefore instigated the Shareholder
Consultation in January 2023 to seek views on (1) alternative
proposals to the Wind-up Resolution (as defined below) and (2)
changes to the Company's extant Investment Policy.
3. Background to the Continuation Vote
As noted in recent Shareholder communications, the Articles,
adopted prior to admission of the Ordinary Shares to the Official
List of the Channel Islands Stock Exchange (now TISE), and to
trading on the SETSqx platform of the London Stock Exchange in
August 2012, ("Admission"), contain provisions that provide
Shareholders with an opportunity to vote on the future of the
Company (a "Continuation Vote"). Such Continuation Votes are
relatively common in investment trusts as a means of enabling
shareholders to realise their investment at, or close to, NAV
where, as in the Company's situation, the Ordinary Shares have
traded at a persistent and material discount to NAV per Ordinary
Share.
Continuation Votes can be structured in different ways. In the
Company's case, there is a requirement for the Board to convene a
general meeting of the Company between the tenth and the eleventh
anniversary of Admission, meaning that the meeting must take place
by no later than 13 August 2023. The Articles provide that (i) the
Board must table a proposal for Shareholders to vote on a
resolution (the "Wind-up Resolution") for a voluntary winding-up of
the Company and liquidation of the Company's assets; and (ii) any
single Shareholder who votes in favour of the Wind-up Resolution is
deemed to hold sufficient voting rights so as to ensure that the
Wind-up Resolution is passed. This provision means that the Wind-up
Resolution can be passed with the vote of one Shareholder,
irrespective of the number of Ordinary Shares held by that one
Shareholder. The effect is that, in the absence of any alternative
proposal approved by Shareholders, it is highly likely that the
Wind-up Resolution would be passed. If the Wind-up Resolution is
not passed, then the process is to be repeated every five years,
meaning the next date on which a Wind-up Resolution could be
proposed, via the Continuation Vote process, would be on the
fifteenth anniversary of Admission (and every fifth anniversary of
Admission thereafter).
The Articles allow for the Board to be released from its
obligations to propose a Wind-up Resolution if a special resolution
of the Shareholders is passed prior to the eleventh anniversary of
Admission. The Articles do not specify the terms of such a special
resolution. Therefore, the Board and its advisers have given
consideration to suitable proposals to be put to Shareholders to
facilitate the passing of a special resolution to release the Board
from the requirement to propose the Wind-up Resolution by 13 August
2023. These proposals and related matters formed part of the
Shareholder Consultation.
4. Resolution 1 - Continuation Vote
Since the time of the December Announcement, the Board, and the
Manager, together with Singer Capital Markets Limited, the
Company's broker ("SCM"), have met and spoken with a range of
Shareholders representing approximately 67% of the Company's
Ordinary Share register. This percentage included the Company's
largest Shareholders as well as some smaller holders who contacted
the Company directly. Set out below are the key points discussed
with Shareholders together with a summary of their feedback.
Market context
As outlined, the Company faces continuing headwinds relating to
building safety and leasehold reform that are largely outside of
its control, despite considerable effort by the Board, the Manager
and the Company's advisers. This has led to falling capital values
and weak sentiment in the residential ground rent sector in
general. The Company has a clear strategy for managing the risks
associated with these headwinds as they affect our portfolio.
However, until market conditions and liquidity improve, the Board
believes that the Company's portfolio may not be realisable on
acceptable terms. Consequently, whilst progress is being made to
improve liquidity of the Company's underlying assets by working to
satisfy the current increasingly "deep dive" due diligence
requirements of more discerning buyers in the residential ground
rent market, there is no certainty that the Company's portfolio
could be made "ready for sale" over the short to medium term to
achieve an optimum pricing outcome. This work includes, for
example, (1) obtaining PAS9980 reports to assess and then cost
remedial measures, and (2) obtaining relevant information relating
to assets in the non-managed estate (where a RMC is responsible for
managing the building). As might be imagined, neither of these
tasks are a quick or easy fix. In the former case, it is because of
the lack of qualified and insured assessors prepared to manage the
risks associated with this work. In the latter case, it is
generally because, whilst it is in the interests of the
leaseholders and residents to resolve these issues, there is
reluctance due to the risks associated with determining what works
should be done, how they are funded, and how much faith (as
generally, individuals and committees are not professionally or
appropriately qualified to make the decisions necessary) to put in
the hands of their local advisers. We are communicating and
supporting these RMCs where we can, and where it is reasonable to
do so without adopting any liability associated with
decision-making, which must be undertaken by the RMC.
Accordingly, the Board and the Manager proposed, in the
Shareholder Consultation, that any extension to the life of the
Company granted by the release of the need to propose a Wind-up
Resolution by 13 August 2023 would be used to improve liquidity and
work towards crystallising an optimum return for all Shareholders.
Notwithstanding the prevailing Ordinary Share price discount to
NAV, every Shareholder consulted was supportive of using an
extended time period to deliver a liquidity event more reflective
of NAV.
Consequences of the Wind-up Resolution
As noted, in the absence of an alternative special resolution,
currently a single Shareholder voting in favour of the Wind-up
Resolution will lead to the immediate winding up of the Company and
consequent appointment of a liquidator over all of the Company's
assets. If a Wind-up Resolution is passed, the Company would cease
activities and all management powers would pass from the Board to
the appointed liquidator with immediate effect, which would
constitute an event of default under the Company's secured loan
facility. Given general market uncertainty, and based on the views
from the Company's advisers, the impact would likely be a forced
and relatively urgent sale of the Company's portfolio (in whole or
in parts) at depressed prices (regardless of the ground rent sector
transaction market at the time), in order that the liquidator can
distribute the proceeds of sale in the prescribed order before
vacating office.
Alternative proposals to the Wind-up Resolution
Given the risks associated with the Wind-up Resolution, the
Shareholder Consultation proposed the following two alternative
options:
(1) Postponing the Company's obligation to hold a vote on the
Wind-up Resolution from the current deadline of 13 August 2023 to
31 December 2024 [1] ("Option 1"); or
(2) Removing from the Articles the Company's obligation to hold
a vote on the Wind-up Resolution (and in particular the ability of
a single Shareholder voting in favour of the Wind-Up Resolution
enabling the Wind-Up Resolution to pass), and replacing such
obligation with an obligation to hold a Continuation Vote before 31
December 2024 which in order to pass requires either (i) a simple
majority of votes cast; or alternatively (ii) a majority of not
less than 75% of votes cast. If this Continuation Vote is not
passed, then the Board would be required to present alternative
proposals to Shareholders within an expedited timeframe ("Option
2").
All Shareholders consulted agreed that the likely negative
consequences of the Wind-up Resolution being passed meant that an
alternative was required. Of the two alternatives proposed, all but
one Shareholder consulted favoured Option 2 with an approval
threshold for the Continuation Vote of a simple majority of votes
cast. The Board proposes that the Articles be amended in line with
Option 2 (i) to provide that this Continuation Vote be held on or
before 31 December 2024, and at three-year intervals thereafter,
with the Continuation Vote acting as a milestone for the Board to
provide Shareholders with an update on progress in implementing the
Company's strategy relating to the realisation of assets. This
proposal is set out in Resolution 1 in Part 3.
5. Resolution 2 - Changes to the Investment Policy
Given the impact of the options described on the strategy of the
Company, the Shareholder Consultation also included proposals to
amend to the Company's extant investment policy (the "Investment
Policy"), which is currently:
"The Company has been established to provide secure long-term
performance through investment in long dated UK ground rents, which
have historically had little correlation to traditional property
asset classes and have seen their value remain consistent
regardless of the underlying state of the economy.
The Company will give investors the opportunity to invest,
through the Company, in a portfolio of ground rents. The Company
will seek to acquire a portfolio of assets with the potential for
income generation from the collection of ground rents. These
investments also have the potential for capital growth, linked to
contractual increases in ground rents over the long-term.
The Company will seek to generate consistent income returns for
shareholders by investing in a diversified portfolio of ground
rents including freeholds and head leases of residential, retail,
and commercial properties located in the United Kingdom.
The Group intends that no single ground rent property should
represent more than 25% of the gross asset value of the Group at
the time of investment. The Company has the ability to gear up to
25% loan to gross asset value."
Alongside the alternative options to the Wind-up Resolution, the
Board, with the full support of the Manager, is proposing
amendments to the Company's Investment Policy to enable a
realisation of assets in a controlled, orderly, and timely manner,
with the objective of achieving a balance between periodically
returning cash to Shareholders and optimising the realisation value
of the Company's investments. All but one Shareholder consulted was
supportive of this change. The Board believes that an orderly
realisation of the Company's assets will return better value to
Shareholders than putting the Company into a formal winding up
process, or any other alternative proposal. The Company's new
Investment Policy (the "New Investment Policy") is now proposed
as:
"The assets of the Company will be realised in a controlled,
orderly and timely manner, with the objective of achieving a
balance between (i) periodically returning cash to shareholders at
such times and from time to time and in such manner as the Board
(in its absolute discretion) may determine; and (ii) optimising the
net realisation value of the Company's investments.
The strategy for realising individual investments will be
flexible and may need to be altered to reflect changes in
circumstances of a particular investment or in the prevailing
market conditions. All material disposals of assets to be made by
the Company will be approved by the Board.
Whilst implementing this realisation strategy, the Company will
aim to deliver best-in-class residential asset management including
fairness, transparency, and affordability for leaseholders. The net
proceeds of portfolio realisations will be returned to shareholders
at such times and from time to time and in such manner as the Board
(in its absolute discretion) may determine. The Board will take
into consideration the Company's working capital requirements
(including, but not limited to, debt servicing and repayments), the
cost and tax efficiency of returns of capital and the requirements
of applicable law.
The Company may not make new investments, except where required
to preserve and/or enhance the disposal value of its existing
assets.
To the extent that the Company has not disposed of all of its
assets by the time of the next shareholder vote to consider the
Company's future to be held on or before 31 December 2024, in
accordance with the revised articles of association of the Company,
shareholders will be provided with an opportunity to review the
future of the Company. To that end, an ordinary resolution will be
proposed on or before 31 December 2024 that the Company will
continue as then presently constituted.
Any cash received by the Company as part of the realisation
process but prior to its distribution to shareholders will be held
by the Company as cash on deposit and/or as cash equivalents."
Resolution 2 invites Shareholders to approve the proposed change
to the Company's existing Investment Policy by adopting the New
Investment Policy. If this Resolution is passed (it being noted
that the passing of this Resolution is also conditional on
Resolution 1 having passed), the Company's existing Investment
Policy will be replaced and the Company will adopt and adhere to
the New Investment Policy set out above.
6. Resolution 3 - Board fees
Due to the volume of work associated with the headwinds and
legacy issues facing the Company since the appointment of the
Manager in 2019, and the appointment of a new, four-person, Board
of directors, from 2019 onwards, Shareholders were also consulted
on increasing the fees payable to the Board and the Manager. In
recognition of these factors, all Shareholders consulted
acknowledged the increased volume of work required from the Board
and were therefore supportive of increasing the aggregate Board fee
cap from GBP150,000 to GBP200,000 per annum with effect from 1
October 2022. As a result of this strong support, Resolution 3
includes the proposed change to increase the aggregate Board fee
cap to GBP200,000 per annum.
7. Other matters on which Shareholders were consulted
Manager fees
Shareholders acknowledged the increased workload for the Manager
due to the issues facing the Company. The Alternative Investment
Fund Management Agreement ("AIFM Agreement") between the Company
and the Manager includes the ability for the Manager to charge the
Company additional fees for a range of projects that are out of
scope. Whilst a majority of Shareholders consulted supported the
principle of the Manager being paid additional management fees in
either cash or Ordinary Shares, and the potential for a fee linked
to the successful realisation of the Company's assets, there was no
consensus between Shareholders on the precise terms. In light of
this feedback, and Shareholder approval not being required, the
Board will agree fees separately with the Manager, having regard to
the terms of the existing AIFM Agreement, the Manager's performance
in delivering the Company's strategy, and ensuring alignment with
the interests of Shareholders.
Dividend policy
Shareholders were also consulted on issues that could impact the
longer term sustainability of the Company's dividend. The Board
consulted with Shareholders about their preferences in relation to
the level of future dividends. Further to this, the Board is
proposing that the Company continues to pay dividends, but only
when sustainable and in order to comply with the distribution
requirements relating to the Company's UK REIT status, and in line
with all other relevant laws and regulations. This was the approach
adopted for the quarterly dividend relating to the quarter to 31
December 2022, as announced by the Company on 2 March 2023. Further
detail on the outlook for future dividends will be included within
the Accounts. A change to the dividend policy does not therefore
form part of these EGM proposals, however it will be addressed and
put to Shareholders in the forthcoming Shareholder meeting relating
to the approval of the Accounts.
Current debt and potential refinancing
Finally, Shareholders were consulted on the likely requirement
to extend the Company's external loan with Santander UK plc
("Santander") which matures in January 2025. In conjunction with
supporting Resolutions 1 and 2 as described, all Shareholders
consulted were informed about the Board's intention to secure
additional flexibility by extending the loan. This is currently
under discussion with Santander.
8. Action to be taken in respect of the EGM
Shareholders will receive a hard copy Form of Proxy for the EGM.
The completed Form of Proxy must be returned to Equiniti, at Aspect
House, Spencer Road, Lancing, West Sussex BN99 6DA in accordance
with the instructions printed on it no later than 12:00pm (BST) on
20 April 2023 (or, in the case of an adjournment, not later than 48
hours (excluding any part of such 48 hour period falling on a day
that is not a Business Day) before the time fixed for the holding
of the adjourned meeting).
In addition, Shareholders will also be able to vote
electronically by visiting the website www.sharevote.co.uk and
following the on-screen instructions, by no later than 12:00pm
(BST) on 20 April 2023 (or, in the case of an adjournment, not
later than 48 hours (excluding any part of such 48 hour period
falling on a day that is not a Business Day) before the time fixed
for the holding of the adjourned meeting). In order to vote using
the website, Shareholders will require their voting ID, task ID and
Shareholder Reference Number. This information can be found under
the Shareholder's name on the Form of Proxy.
Alternatively, Shareholders who have already registered with
Equiniti's online portfolio service, Shareview, can appoint their
proxy electronically by logging on to their portfolio at
www.shareview.co.uk using their user ID and password. Once logged
in, click "view" on the "My Investments" page. Click on the link to
vote and follow the on-screen instructions. Please note that to be
valid, proxy instructions must be received by Equiniti by no later
than 12:00pm (BST) on 20 April 2023 (or, in the case of an
adjournment, not later than 48 hours (excluding any part of such 48
hour period falling on a day that is not a Business Day) before the
time fixed for the holding of the adjourned meeting).
If Shareholders have any questions in respect of the EGM, please
contact Equiniti on +44 (0)800 032 0641. Please use the country
code when calling from outside the UK. The helpline is open between
8.30 a.m. to 5.30 p.m., Monday to Friday excluding public holidays
in England and Wales. Calls from within the UK are charged at the
standard geographic rate and will vary by provider. Calls from
outside the UK will be charged at the applicable international
rate. The helpline cannot provide advice nor give any financial,
legal or tax advice.
Shareholders who are members of CREST may alternatively be able
to use the CREST electronic proxy appointment service.
Completion and return of a Form of Proxy (or the electronic
appointment of a Proxy) will not preclude a Shareholder from
attending and voting at the EGM should they so wish.
The Board strongly encourages all Shareholders to vote on the
Resolutions by submitting proxy votes in advance of the EGM and
appointing the Chair of the EGM as a Proxy.
9. Recommendation
The Board considers that Resolution 1 (in relation to the
amendment to the Articles), and Resolution 2 (in relation to the
adoption of the New Investment Policy), are each in the best
interests of the Company and its Shareholders as a whole.
Accordingly, the Board unanimously recommends that Shareholders
vote in favour of these two resolutions at the EGM, as all of the
Directors who own Ordinary Shares intend to do so in respect of
their holdings.
In respect of Resolution 3 (the proposed increase to the
aggregate Board fees), the Board is not recommending a vote for or
against but has taken the decision to propose this Resolution in
light of the strong support received from the Shareholder
Consultation.
Yours faithfully,
Barry Gilbertson
Independent Non-Executive Chair
For and on behalf of
Ground Rents Income Fund plc
For further information:
Schroder Real Estate Investment Management Limited
Matthew Riley 020 7658 6000
Singer Capital Markets (Broker)
James Maxwell / Alaina Wong 020 7496 3000
Appleby Securities (Channel Islands) Limited (Sponsor)
Andrew Weaver / Michael Davies 01534 888 777
FTI Consulting
Dido Laurimore / Richard Gotla / Meth Tanyanyiwa 020 3727 1000
------------------------------------------------------- -------------
(1) Note that this was changed from 2025 to 2024 for the
purposes of the Shareholder Consultation
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NOGUOURROOUOUUR
(END) Dow Jones Newswires
March 24, 2023 03:00 ET (07:00 GMT)
Ground Rents Income (LSE:GRIO)
Historical Stock Chart
From May 2024 to Jun 2024
Ground Rents Income (LSE:GRIO)
Historical Stock Chart
From Jun 2023 to Jun 2024