Target Healthcare REIT

To:                   RNS

From:               Target Healthcare REIT plc

LEI:                  213800RXPY9WULUSBC04

Date:                3 December 2020

Subject:            Annual General Meeting Result

Target Healthcare REIT plc announces that, at the Annual General Meeting held on 2 December 2020, all resolutions proposed were duly passed.

The full text of the resolutions can be found in the Annual Report and Financial Statements 2020 (including the Notice of Annual General Meeting), copies of which have been submitted to the National Storage Mechanism and which are available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Details of the proxy votes lodged before the Annual General Meeting, which should be read alongside the Notice of Annual General Meeting, are noted below and will be available shortly at www.targethealthcarereit.co.uk

Whilst all resolutions proposed were duly passed, the Board recognise that a significant number of votes were lodged against resolution 15, which was in relation to the amendment of the Company's Articles of Association, primarily to permit the Company to hold shareholder meetings on a virtual basis whereby shareholders are not required to attend the meeting in person at a physical location but may instead attend and participate using electronic means.

The Board has engaged in consultation with some shareholders who together account for a significant proportion of such votes and who have expressed concern that, in theory, the structure of virtual-only meetings can prevent meaningful shareholder engagement and allow management to more easily avoid difficult questions. In order to address such concerns, the Directors therefore confirm that, notwithstanding the permissions granted by the New Articles, they intend that the Company reverts to physical meetings as soon as the restrictions on physical gatherings are lifted and it is safe to do so. The Board re-iterates its commitment to enabling shareholder attendance at meetings wherever possible and confirms that it does not intend to restrict the ability of shareholders to physically attend a shareholder meeting, except in limited situations such as where travel or congregation in a physical location at the date of the meeting is forecast to be difficult, dangerous or otherwise restricted by government guidance or legislation.

The Board of Directors also announces that, pursuant to paragraph 9.6.11 R of the Listing Rules, Ms Alison Fyfe has been appointed as Chair of the Nomination Committee with immediate effect.

For further information please contact:       

Kenneth MacKenzie; Gordon Bland

Target Fund Managers Limited

01786 845 912

Mark Young

Stifel Nicolaus Europe Limited

020 7710 7600

Dido Laurimore; Claire Turvey; Richard Gotla

FTI Consulting

020 3727 1000

[email protected]