Simon Thompson 

Shareholder activism mounts at London & Associated Properties

Simon Thompson

Simon Thompson

There is shareholder unrest at small-cap shopping centre operator London & Associated Properties (LAS:23p), a minnow of the stock market with a market capitalisation of £19.5m, ahead of the company’s annual general meeting (AGM) on Wednesday 12 June 2019. The action is led by Andrew Perloff, chairman of property company Panther Securities (PNS:380p), who holds a 3.44 per cent interest in London & Associated Properties through the Maland Pension Fund. The board's proposed annual remuneration of £1.9m is 12 times the £153,000 cash payout declared to shareholders who suffered a £2.5m reversal on their equity in 2018, and the company has just announced a big write-off following a loan default on one of its investments.

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe to Investors Chronicle

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now