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.

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