ARENA MD cites “strong rebound in ELC attendances post lockdown” in AGM address

Rob de Vos, Managing Director of ARENA REIT, the social infrastructure investment trust with significant early learning centre exposure, has provided a positive snapshot of current trading trends in the Group’s Annual General Meeting address. 

“There  has  been  a  strong  rebound in early learning attendances post the easing of lockdown restrictions, with centres now generally trading at pre-COVID-19 attendance levels, including early learning centres in Greater Metropolitan Melbourne,” Mr de Vos said. 

This assessment excludes eight centres in South Australia that have been accepting only the children of permitted workers as part of the State’s current six day lockdown.

“I am pleased to report that as at today, all of Arena’s tenant partners are in compliance with their lease rental obligations and rent relief agreements,” Mr de Vos went on to note, signalling that the broader portfolio dynamics have more or less normalised post the COVID-19 pandemic. 

Mr de Vos’s comments came as part of the Group’s Annual General Meeting during which a review of the FY2020 results was presented to shareholders as well as an address from both the Chairman of the Group, David Ross, and the Managing Director, Rob de Vos. 

During the AGM eight resolutions were presented to shareholders for voting : 

Resolution 1: Non-binding advisory vote on the Remuneration Report

Resolution 2: Election of Mr David Ross as a director of the Company

Resolution 3: Ratification of Placement

Resolution 4: Grant of deferred STI rights to Mr Rob de Vos

Resolution 5: Grant of LTI performance rights to Mr Rob de Vos

Resolution 6: Grant of deferred STI rights to Mr Gareth Winter

Resolution 7: Grant of LTI performance rights to Mr Gareth Winter

Resolution 8: Amendment of Constitutions

All resolutions were carried with the exception of Resolution eight, which did not receive the requisite 75 per cent of votes needed to pass. 

To review this year’s AGM presentation please click here.