AFI Development PLC RESIGNATION OF NON-EXECUTIVE DIRECTOR (5971J)
13 September 2016 - 12:25AM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 5971J
AFI Development PLC
12 September 2016
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN
AFI DEVELOPMENT PLC
("AFI DEVELOPMENT" OR "THE COMPANY")
RESIGNATION OF NON-EXECUTIVE DIRECTOR
London, 12 September 2016 - AFI Development announces today that
it has received notice from Mr Avraham Noach Novogrocki,
non-executive director of the Company, of his resignation from the
Board with immediate effect. The resignation follows the completion
of the transaction in the shares of the Company between Africa
Israel Investments Ltd ("AI") and Mr Lev Leviev (as announced by
the Company on 8 September 2016), as a result of which AI ceased to
be the major shareholder in the Company. Mr Novogrocki represented
AI on the Company Board.
Commenting on today's announcement, Mr Lev Leviev, Executive
Chairman of AFI Development, said: "On behalf of the Board of AFI
Development I would like to thank Mr Novogrocki for his valuable
and highly professional contribution to the Board of AFI
Development".
- ENDS -
For further information, please contact:
AFI Development, +7 495 796 9988
Ilya Kutnov, Corporate Affairs/Investments Director (Responsible
for arranging the release of this announcement)
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
Sandra Novakov
Marina Zakharova de Calero
This announcement contains inside information.
About AFI Development
AFI Development is one of the leading real estate development
companies operating in Russia. Established in 2001, AFI Development
has been for many years a publicly traded subsidiary of Africa
Israel Investments Ltd. On 7 September 2016 AFI Development ceased
to be the subsidiary of Africa Israel Investments Ltd, following
the disposal of its holdings in the Company to Mr Lev Leviev.
AFI Development is listed on the Main Market of the London Stock
Exchange and aims to deliver shareholder value through a commitment
to innovation and continuous project development, coupled with the
highest standards of design, construction and quality and customer
service.
AFI Development focuses on developing and redeveloping high
quality commercial and residential real estate assets across
Russia, with Moscow being its main market. The Company's existing
portfolio comprises commercial projects focused on offices,
shopping centers, hotels and mixed-use properties, and residential
projects. AFI Development's strategy is to sell the residential
properties it develops and to either lease the commercial
properties or sell them for a favorable return.
AFI Development is a leading force in urban regeneration,
breathing new life into city squares and neighborhoods and
transforming congested and underdeveloped areas into thriving new
communities. The Company's long-term, large-scale regeneration and
city infrastructure projects establish the necessary groundwork for
the successful launch of commercial and residential properties,
providing a strong base for future.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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