Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

Aroundt June, 26 2019

ECGS notes that there is a lack of transparency concerning the biographical details of the members of the Board since there is no information in the 2018 Annual Report.

Under ITEMS 7 to 11, the Company seeks shareholder approval to re-appoint all the members of the Board. Given the insufficient independent members (40%), ECGS recommends to OPPOSE to the re-appointments of Frank Roseen, Oschrie Massatschi and Jelena Afxentiou.

Under ITEM13, the Board of Directors anticipates that shareholders will have the choice of receiving the dividend either in cash or in the form of new shares in the Company. The Subscription Price will be equal to the Reference Price of Aroundtown shares, reduced by a discount of 4.0%. Given that a discount is proposed, we recommend that shareholders OPPOSE this resolution.ECGS takes note that shareholders do not get to vote on the remuneration report, as it is not required in Luxembourg. However, it is now considered as European best practices.

Aroundtown SA

Aroundtown Property Holdings Plc (Co.) is a specialist real estate investment group, focusing in the German real estate markets. Co. covers the main real estate segments which benefit from strong fundamentals and growth prospects: residential (through its holding in Grand City Properties S.A.), commercial and hotel properties. The Co.'s vision is buying, redeveloping, turning around and optimizing real estate properties in Germany.


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Expert Corporate Governance Service (ECGS)

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