No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Student accommodation provider Unite Group said on Tuesday that CPPIB Holdco has cut its stake in the company to 7%, triggering the departure of its nominated board representative, Thomas Jackson.
Unite said Jackson had stepped down as a nonexecutive director with immediate effect. He joined the board in 2019 following Unite's acquisition of Liberty Living from CPPIB, under a relationship agreement that allowed the Canadian investor to appoint a director while its shareholding remained above 10%.
With CPPIB's holding now below that threshold, Unite said the entitlement no longer applies.
Unite chairman Richard Huntingford said" "On behalf of the Board, I would like to thank Tom for his valued contributions and support to the group as it has evolved its strategy over the past six and a half years. We have benefited significantly from his experience in student accommodation and the wider real estate investment and capital markets."
As of 0830 BST, Unite shares were down 0.69% at 505p.
Reporting by Iain Gilbert at Sharecast.com
See latest RNS at Investegate
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.