PRS Reit appoints Hipgnosis duo to board after shareholder revolt

Robert Naylor and Christopher Mills, key figures behind the £1.27 billion sale of Hipgnosis Songs Fund, are set to join the board of PRS Reit following the company's annual results next month. Their appointments come in the wake of a significant shareholder revolt, which saw Naylor and Mills rallying support from investors holding 17.3% of PRS shares. This move was aimed at instigating a vote to remove the current chairman, Stephen Smith, and non-executive director, Steffan Francis. The decision to appoint Naylor and Mills appears to be a strategic response by the existing board to mitigate potential conflict and avoid a contentious shareholders' meeting. The board's partial concession indicates a recognition of the growing discontent among investors regarding leadership decisions and company direction. By bringing in experienced directors, the board aims to restore confidence and stabilize the company’s governance. Naylor, 49, and Mills, 71, have a proven track record in the music rights sector, which may provide valuable insights and strategic direction for PRS Reit. Their involvement is expected to enhance the company’s operational effectiveness and investor relations, particularly in light of the recent unrest. As PRS Reit prepares for its annual results, the implications of these appointments will be closely monitored by shareholders and market analysts alike. The outcome of this leadership shift could significantly influence the company’s future trajectory and its ability to navigate the competitive property rental landscape.