BCRI11 shareholders give up again the meeting to change management of the FII; fund wants name of the authors of the proposal


Investors holding 6.69% of shares in FII Banestes Recebíveis Imobiliários (BCRI11) once again gave up the call for an extraordinary general meeting (AGE) to exchange the current fund manager for Suno Gestora.

The decision was confirmed in a material fact released by the fund, on Friday night (22). On the same day, Banestes DTVM – current manager – expressed dissatisfaction with the attempted change and announced that it would seek the names of those responsible for the proposal, who initially requested anonymity.

This is the second time the group has asked for the meeting to be convened and, days later, gives up. The last request had been made on July 15, recalls the fund’s statement to the market, which did not provide details on the decision to cancel the request.

Minutes after the disclosure of the material fact, the current management of Banestes Recebíveis Imobiliários indicated that it was surprised with the second request to change the management of the fund.

The position is part of the management report released by the portfolio also on Friday night (22), which highlighted, among other points, the results obtained by the current managers of the FII.

“The fund has a highly diversified portfolio that has delivered excellent and consistent results over its seven years of existence”, the text points out.

During the Covid-19 pandemic, the management details, the fund showed a return of 30.5%, with a share appreciation of 3.8%. In the period, the IFIX – B3’s most liquid real estate funds index – accumulated a negative result, the fund calculates.

The management team also noted that there was a 78% growth in the fund’s net worth between November 2020 and May 2022. Banestes Recebíveis Imobiliários was also elected the third best FII by the InfoMoney-Ibmec Ranking 2021, recalls the management team .

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.

Also in the management report, Banestes DTVM says it respects the interests of all the fund’s shareholders and is open to dialogue. However, he considers that he never received any complaints regarding the work of the managers.

In the text, the manager recalls that, five days before the new request to convene the AGE, there was a withdrawal from a first attempt, which would have the same purpose – the change of management.

The current management also complains that, in addition to never having sought the fund, the group of investors responsible for the request requested anonymity in the process. Dissatisfied with the position of the shareholders, Banestes DTVM asked the Securities and Exchange Commission (CVM) to disclose those responsible for the proposal to change the management of the fund.

“The CVM required the trustee to disclose the names of the applicants in this new attempt and we reinforce the request for identification of the bidders in the first attempt”, points out the management report.

In the document, Banestes DTVM also claims to have observed atypical negotiations with the fund’s shares during the period in which the request to call a meeting was made.

With seven years of existence, Banestes Receivíveis currently has a net worth of almost R$ 670 million. The portfolio comprises certificates of real estate receivables (CRI), 86.6%, shares of other FIIs, 9.9%, and investment funds, 3.5%.

On the 15th, the fund deposited BRL 1.47 per share, a monthly dividend yield of 1.34%, the highest in the last 12 months, as shown on the portfolio’s page on InfoMoney.

Source: InfoMoney

Currently, the base of FII Banestes Recebíveis Imobiliários shareholders totals 47,113 investors, of which 47,013 are individuals and 100 are corporations.

Check out other relevant facts from the past week

Dividends of the week

Check out which real estate funds distribute income between Monday (25) and Friday (29):

tickerDateBackgroundPerformance07/25/2022XPML11XP Malls R$0.6925/07/2022XPIN11XP Industrial R$0.6125/07/2022FCFL11Campus Faria Lima R$0.8825/07/2022NCRA11NCH CRA R$2.6825/07/2022ERCR11Residential and Commercial Stock RJ BRL 755.8025/07/2022BTLG11BTG Pactual Logistica BRL 0.8225/07/2022ALZR11Alianza Trust RI BRL 0.7825/07/2022SNCI14Suno CRI BRL 0.8025/07/2022SNCI13Suno CRI BRL 1.3025/07/ 2022SNCI11Suno CRI R$1.3025/07/2022SNFF11Suno FoF R$0.6525/07/2022BVAR11Brasil Retail R$17.4226/07/2022MMPD14Mauá MPd R$2.0626/07/2022CVPR14Cvpar CRI R$1.0526/07 2022CVPR11Cvpar CRI BRL 1.0526/07/2022MMPD15Mauá Mpd BRL 2.0626/07/2022BTAL11BTG Pactual Agro Log BRL 0.8326/07/2022EQIR11EQI CRI BRL 1.2026/07/2022EXES11Exes CRI BRL 0.932 07/2022MORC11More CRI BRL 1.4026/07/2022CCRF11Canvas CRI BRL 1.9027/07/2022TJKB11TJK Real Estate Income BRL 2.5227/07/2022PBLV11Prologis Brazil Logistics Venture BRL 33.9228/07/2022CNES11Cenesp BRL 07/1028/2022BCIA11Bradesco Active Real Estate Portfolio R$0.7429/07/2022BTRA11Agricultural Land R$0.7029/07/2022FLRP11Floripa Shopping R$12.7929/07/2022EDGA11Gallery R$0.14

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