TIDMGWI
RNS Number : 9246X
Globalworth Real Estate Inv Ltd
27 February 2017
27 February 2017
[THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION]
Globalworth Real Estate Investments Limited
Appointment of Additional Non-Executive Directors and Board
Committee Changes
Globalworth Real Estate Investments Limited (AIM: GWI)
("Globalworth" or "the Company"), the real estate investment
company targeting opportunities in Romania and the broader SEE and
CEE regions, announces the appointment today of four additional
non-executive directors and a number of changes to its
committees.
Three of the appointments are made pursuant to the new articles
of association which provide that Growthpoint Properties Limited
("GRT") is entitled to appoint a non-executive director for every
8% of the issued share capital of the Company held by it. The three
non-executive directors, whose appointments will take immediate
effect, are Norbert Sasse, Peter Fechter and George Muchanya.
The fourth appointment is made pursuant to GRT's right, also set
out in the articles, to nominate one of the Guernsey resident
directors. This appointment, which has been approved by the Board,
is in addition to the two non-executive directors of the Company
already resident in Guernsey. This director, whose appointment will
take immediate effect, is Richard van Vliet. Mr van Vliet is
independent within the meaning of the UK Corporate Governance
Code.
The board has also resolved to make a number of changes to its
committee memberships, with immediate effect, as follows:
-- Peter Fechter will join the remuneration committee, John
Whittle will step down as Chair (and as a member) with Geoff Miller
succeeding him as Chair, and Eli Alroy remaining on the
committee;
-- Richard van Vliet will join the audit committee, Geoff Miller
will step down, John Whittle will remain as Chair with Andreea
Petreanu also remaining on the committee;
-- The newly formed investment committee will be made up of:
Norbert Sasse and George Muchanya, as GRT's nominees; Ioannis
Papalekas and Dimitris Raptis, the Company's executive directors;
and Eli Alroy, independent non-executive director, who will also
act as Chair.
The investment committee has been established to consider and
approve or recommend to the board (in accordance with a specified
delegated authority framework): proposed acquisitions, disposals
and developments; capital expenditure budgets and financing
arrangements; annual valuations; investment policies and
strategy.
The following are brief biographies of each of the new
non-executive directors.
Norbert Sasse: CEO, Growthpoint Properties
Norbert Sasse is Chief Executive Officer of Growthpoint.
He has 10 years' experience in corporate finance with Ernst
& Young Corporate Advisory (in South Africa and London) and
Investec Corporate Finance (in South Africa) dealing with a broad
range of activities including listings, de-listings, mergers,
acquisitions and capital raisings. In 2001 Norbert joined Investec
Property Group Limited (IPG) and became the CEO of Growthpoint, one
of the companies externally managed by IPG, in October 2004. During
this period, Norbert's impactful achievement was to drive and
implement the reverse listing of the physical property holdings of
the Mine Pension Funds into Growthpoint as part of a growth
strategy and to provide a "turn-key" solution to the Mine Pension
Funds in relation to their physical property holdings. This
transaction marked the turnaround of Growthpoint, then a company
facing possible liquidation.
Since joining Growthpoint, Norbert has been instrumental in
growing Growthpoint from a listed property fund having assets of
ZAR 100 million and a market capitalisation of ZAR 30 million in
2001 to being South Africa's largest listed property company with
assets of over ZAR 112 billion and a market capitalisation of ZAR
73 billion as at January 2017.
One of Norbert's notable successes was leading the 2007
management "buy-in" whereby Growthpoint was transformed from an
externally managed company to a uniquely, fully integrated
internally managed company which now employs close to 700
staff.
Norbert led Growthpoint's first offshore investment in Australia
in 2009 by investing AUD200 million in Orchard Industrial Fund, and
subsequently renamed Growthpoint Properties Australia, ("GOZ") a
property company that was facing foreclosure. With a market
capitalisation of AUD250 million following the recapitalisation of
the company by Growthpoint, GOZ has now grown to a market cap of
AUD2 billion.
Norbert was involved in establishing the Association of Property
Loan Stock Companies (PLS Association) which has subsequently been
renamed SAREIT (South African Real Estate Association), which is an
umbrella body of the REIT sector in South Africa comprised of
voluntary members, with the weight of nearly all of the listed
REIT's within the sector behind it. Norbert was appointed the
inaugural Chairman, a position he held until the end of May
2014.
Norbert holds a BCom and Honours degree in Accounting from Rand
Afrikaans University and is a Chartered Accountant (having
qualified with Ernst & Young in South Africa in 1990).
Peter Fechter: Independent Non-Executive Director GRT
Peter has deeply embedded entrepreneurial experiences of all
aspects of the property space. After graduating as civil engineer
in 1968, he worked in South Africa as a site agent and tendering
estimator, becoming CEO of large private construction company in
1978. He formed his own business in 1980 which successfully engaged
in general contracting and doing its own property developments for
sale and selective own investment.
After 20 years, Peter's business was voluntarily closed, with
the property portfolio being sold to an IPO company. When this
company merged with Growthpoint Properties in 2003, he was
appointed as non-executive director of Growthpoint, serving on the
audit and risk committees and as chairman of the property
investment committee, all resulting in regular and close
involvement in a merger, acquisition and investment deals in South
Africa and Australia.
George Muchanya: Corporate Finance, Growthpoint Properties
George is responsible for Corporate Strategy at Growthpoint and
is a member of the Executive Committee.
After spending his initial career years as an engineer, George
made a career change into banking in 2000 where he worked in retail
product development, treasury and investment banking both in South
Africa and UK. This was followed by a brief period at a global
management consulting firm.
George joined Growthpoint in 2005, where he focuses largely on
mergers and acquisitions. The period since he joined saw
Growthpoint concluding transformational transactions including the
expansion of Growthpoint into Australia, the acquisition of the
iconic V&A in Cape Town, single and large property portfolio
acquisitions, and the consolidation, through mergers and
acquisitions, by Growthpoint of the South African listed property
sector. George played an integral part in this transformation and
was part of the front line deal negotiation and execution team.
George holds a BSc in Engineering from the University of Natal,
MBA from Wales University, a certificate in Corporate Finance from
the London Business School as well as a leadership certificate from
Harvard Business School.
Richard van Vliet
Richard van Vliet is a qualified as a Chartered Accountant in
South Africa and England and Wales. On leaving Price Waterhouse in
South Africa he became the sole proprietor of an audit practice in
Johannesburg, with work biased towards international mergers and
acquisitions, taxation and financial structures. From 1995 until
mid-1997 he also represented the Jersey General Group, an offshore
investment group of companies, in Johannesburg. He relocated to
Guernsey in August 1997 as a founding member of Cannon Asset
Management Limited and is now the managing director. He currently
holds the chairmanship of The Cubic Property Fund, a Channel
Islands Securities Exchange listed fund, and a number of board
positions on companies and investment funds exposed to property,
equity and alternative investments. He also held the position of a
main board member of Thames River Capital Holdings Limited, a fund
management company with USD 9bn prior to its disposal.
Please refer to Annex 1 for all further disclosures relating to
Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for
Companies.
For further information visit www.globalworth.com or
contact:
Globalworth Real Estate Investments Limited Tel: +40 37 2 800 000
Dimitris Raptis
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500
Andrew Potts
Cantor Fitzgerald Europe (Joint Broker) Tel: +44 20 7894 7000
Rick Thompson
David Foreman
Milbourne (Public Relations) Tel: +44 7903 802545
Tim Draper
About Globalworth:
Globalworth is a real estate investment company active in the
SEE and CEE regions with a prime focus on Romania. The Company is
internally managed by c. 70 professionals and its portfolio
currently comprises 15 high quality real estate investments
currently valued at c. Euro 962.4 million, all located in
Romania.
Annex 1
Leon Norbert Sasse (age 52) is, or has been in the previous five
years, a director of the following companies:
Current directorships Previous directorships
323 Festival Street (Pty) Canyon Springs Investments
Ltd 23 (Pty) Ltd
Growthpoint ABQ (Pty) Unit 204 Silo 3 (Pty)
Ltd Ltd
Growthpoint Management
Services (Pty) Ltd
Growthpoint Properties
Limited
Growthpoint Security SPV
Number 1 (Pty) Ltd
Growthpoint Security SPV
Number 2 (Pty) Ltd
Growthpoint TPG (Pty)
Ltd
Metboard Properties Limited
Paramount Property Fund
Limited
Growthpoint Properties
Australia Limited
V and A Waterfront Holdings
Limited
V and A Waterfront Development
(Pty) Ltd
V and A Waterfront Marina
(Pty) Ltd
V and A Waterfront Properties
(Pty) Ltd
Victoria and Alfred Waterfront
(Pty) Ltd
The Town Oceans Aquarium
Trust
Acucap Properties Limited
Africa Real Estate Management
Company Limited
Growthpoint Investec African
Property Management Limited
Growthpoint Healthcare
Property Management Company
(Pty) Ltd
Growthpoint Healthcare
Property Holdings Ltd
Peter Henry Fechter (age 70) is, or has been in the previous
five years, a director of the following companies:
Current directorships Previous directorships
Thabiletrade 1106 CC None
Growthpoint Properties
Ltd
George Muchanya (age 45), is, or has been in the previous five
years, a director of the following companies:
Current directorships Previous directorships
Groundbiz Trading (Pty) None
Ltd
Richard Christopher van Vliet (age 59), is, or has been in the
previous five years, a director of the following companies:
Current directorships Previous directorships
21 Icons Global Limited Alaksa Investments Inc
Ambridge Limited Algarprop LLC
Anice Limited Arcserve Limited
Auto Logistics International B4Biz Limited
Limited
Beauclerc Limited Balmar International Limited
Beautiful News Global Bayprop Limited
Limited
Beautiful News Limited Blush & Blow Limited
Beauvallon Property Limited Cannon Deposit Plus Fund
Bellerive Stenham Trust Cannon Diversified Fund
Limited
Beltrac Limited Cannon Global Prism Fund
Bewcastle Holdings Limited Cannon Rocket Fund
Buzi River Holdings Limited Cascades Limited
Cannon Asset Management Computershare Investor
Limited Services (Guernsey) Limited
Cannon Capital Advisors Cranberry Crescent Limited
Limited
Cannon Corporate Directors DBP Limited
Limited
Cannon Corporate Services Delta One Global Opportunity
Limited Fund
Cannon Global Equity Fund Eureales (formerly Realty)
IC Ltd Limited
Cannon Global Opportunity Forestbrook Developments
Fund IC Ltd Limited
Cannon International Limited IBB Global Fund Limited
Cannon Investments Limited Interlaken Limited
Cannon Nominees Limited Next Step Investments
Limited
Cannon Secretaries Limited Scotol Processing Limited
City View Place Development Seahaze LLC
Limited
Cubic Property Fund Limited Solomain Limited
Delkern Limited Southern Cross Holdings
AG
Elckon Limited Telemedia Limited
Enzire Limited Tjakko Investments Limited
Euro Finance Limited Tradefin Overseas Limited
(UK)
Gemstone Properties Limited Virginia Holdings Limited
Global Purchasing Services Willowmere Development
Limited Limited
Green Beanie Limited
Growthpoint Investec African
Property Management Limited
Inyankuni Limited
Kadzi Limited
Kreuzberg House Limited
Leacrest Properties Limited
Lexden Limited
Limpopo River Holdings
Limited
Litecrest Limited
Marula Mines Limited
Narson Limited
Nasa Commercial De Nascimento
Alberto UK Limited
North News Holdings Limited
Numisma Group Limited
Osyth Enterprises Inc
Penthouse Investments
Limited
Pepino Business SA
Peregrine International
Wealthcare Limited
Philja Limited
RAJ Limited (Formerly
Cannon Limited)
Sadler House Limited
Savernake PCC Limited
Savernake Funds PCC Limited
Scapa Limited
SCI Maxime Estates
SP Corporate Services
Limited
SP Nominees Limited
SP Secretaries Limited
Stenham Berlin Residential
Fund Limited
Stenham Beryl Limited
Stenham Crystal Limited
Stenham Jasper Limited
Stenham Trustees Limited
Stenpark Management Limited
Stenprop Advisers Limited
Stenprop Management Holdings
Limited
Templehof Limited
The Campus Limited
The ERIS ICC Limited
Thoresby Holdings Limited
Tico Management Limited
Viki International Limited
Vilamoura LLC
Vinchelez Limited
Visuals Limited
Zelton Property Company
Limited
Richard van Vliet was appointed as a director of Scotcol
Processing Limited on 24 November 1999. On 16 March 2004, the
company was issued with a notice of winding up order. A final
meeting of creditors was held on 13 March 2007 with no deficiency
as regards to creditors. The company was dissolved on 21 March
2007.
Richard van Vliet was appointed as a director of Tradefin
Limited on 1 November 2002. On 5 December 2003, joint
administrative receivers were appointed to the company. A meeting
of creditors was held on 24 February 2004 and the joint
administrative receivers estimated that the deficiency to creditors
was GBP319,163. The company was dissolved on 1 August 2006.
There are no other disclosures required in relation to Rule 17
or paragraph (g) of Schedule 2 of the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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