Aroundtown - AGM and EGM 16 December 2019
ITEMS 1 to 7: the board seeks shareholder approval of the re-election of 5 members, and the election of 2 new nominees. ECGS notes that the board previously had only 40% of independent members, which did not respect our recommendations. After the AGM, ECGS considers 4 of the 7 shareholder-elected directors to be independent (57%), which respects our minimum of 50%. Furthermore, there will be 2 women on board (29%), which does not respect our minimum of 30%, but the fact that one out of the two nominees proposed at the current AGM is a woman, the percentage increased from 20% to 29%, which is satisfactory. Hence, we recommend shareholders to APPROVE all the items.
ITEM E1: This resolution seeks shareholders to approve to increase the existing authorized share capital of the Company from its present amount of EUR 20,000,000 to EUR 30,000,000. Given the fact that the percentage of capital increase exceeds our 10% limit without pre-emptive rights, we recommend shareholders to oppose.
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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