ING UK Real Estate Income Trust Limited announces that at its Annual General Meeting held yesterday (May 26, 2011), all Resolutions on the Form of Proxy were passed, including the Special and Extraordinary Resolutions. As a result of the passing of Special Resolution 1, on or around the June 1, 2011, the company's name will be changed to Picton Property Income Limited ('Picton'), reflecting the planned internalized structure of the business.
Commenting, Nick Thompson, Chairman of the Company, said: "The approval by shareholders today to rename the Company is a further milestone in the internalization process, which is anticipated to complete by the end of this year. Once fully in place, the new management team led by Michael Morris as Chief Executive of Picton Capital Limited, will be directly aligned with the interests of shareholders.
"The new structure will deliver significant benefits and will support the enhancement of the Company's dividend cover. We also expect that Picton will attract a wider base of investors, particularly from those who are attracted to an internalized management structure.
"We look forward to making further progress during this transition phase and delivering value for our shareholders under our new name."