Hammerson survives Lighthouse revolt

5th May 2023 | Jack Oliver

Hammerson’s shareholders have voted against proposals put forward by investment vehicle Lighthouse.

Resolutions to appoint Nick Hughes and Craig Tate to the board were voted against by around 59% of participating shareholders at Hammerson’s annual general meeting (AGM).

Lighthouse has expressed discontent with the current strategy of Hammerson, who own schemes such as the Bullring and Cabot Circus. It wants the real estate investment trust (REIT) to speed up asset sales and resume dividend payments.

The investment vehicle is headed by former Hammerson director Desmond de Beer and controls nearly 23% of the REIT.

In a letter published in its annual report, it said it did “not have confidence in the Hammerson board as currently constituted, having regard to the operational and strategic weaknesses reflected in Hammerson”.

Robert Noel, chair of Hammerson, said: “We acknowledged the issues raised by Lighthouse in the notice of AGM and were pleased to further engage with Lighthouse and other shareholders on these matters during the AGM process. We continue to recognise the importance of ongoing engagement and dialogue with all shareholders.”

In April, Hammerson sold its stake in the Croydon Partnership, a package which includes The Whitgift and Centrale shopping centres, as well as a number of high street units, office blocks, and car parks.


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