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Wynnstay Properties PLC on Tuesday said it ‘disagrees fundamentally’ with shareholder Gareth Gibson’s objections to its annual general meeting resolutions. The London-based property investment and development company, which owns and manages a portfolio of office, retail, warehouse and industrial properties, published Gibson’s letter to shareholders. Gibson, who has an approximate 11.9% stake in Wynnstay, said his letter was not intended as a criticism of the company’s underlying performance, and highlighted the company’s ‘sound set of results’ and said it ‘remains a high-quality, long-term property investment company’. However, he said he is concerned about AGM resolution 11, which seeks to give the directors authority to allot shares, and special resolution 12, which seeks to disapply statutory pre-emption rights. Gibson urged shareholders to vote against both resolutions, expressing concern about potential dilution and the firm’s ‘relatively illiquid’ shares. He also noted that Wynnstay is arranging extended finance facilities of up to £20 million. ‘If the company already has access, in principle, to increased borrowing facilities, shareholders are entitled to ask why the board also requires authority to issue shares for cash without first offering them to existing shareholders,’ he said. Wynnstay said it ‘disagrees fundamentally’ with Gibson’s views, adding: ‘The board strongly believes that the proposed resolutions are desirable to give the company the ability to issue a limited number of shares for cash, but principally as consideration for the acquisition of assets, where to do so would be of benefit to the company and in the best interests of shareholders generally.’ The company called Gibson’s conclusions ‘misguided’ and said shareholders should vote in favour of the resolutions. It added that Gibson’s suggestion that any transaction involving the issue of shares should be subject to shareholder approval would be ‘both impractical and potentially damaging to shareholder value,’ saying that Wynnstay ‘could lose time-sensitive opportunities.’ ‘Essentially Gibson seeks to transfer to shareholders decisions about the company’s ordinary conduct of business which properly sit with the board, which must in any event, act in the interests of the company for the benefit of its shareholders as a whole,’ it said. Wynnstay shares closed up 1.4% at 370.00 pence each on Tuesday in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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