Directorate Changes

RNS Number : 5304Z

F&C Commercial Property Trust Ld

23 September 2009

 

F&C Commercial Property Trust Limited

Announcement re Directorate Changes 

The Board confirms the following changes to its composition.

Appointment of Chairman

Further to the announcement by the Company on 12 August 2009, the Board confirms its intention that, as a result of the proposed acquisition of Friends Provident Group plc by Resolution Holdings (UK) Limited, a subsidiary undertaking of Resolution Limited, the Chairman of the Board, Peter Niven, a director of Resolution Limited, will step down as Chairman on 31 October 2009 and, with the unanimous support of the Board, will continue as a Director of the Company, becoming subject to annual re-election as a non-independent non-executive Director.

The Board is now pleased to announce its intention that John Stephen, who is currently an independent non-executive Director of the Company and a UK resident, will be appointed as Chairman with effect from 31 October 2009. However, the Company's articles of incorporation, as currently worded, prohibit UK resident directors from being appointed as Chairman of the Company. The appointment of John Stephen as Chairman will therefore be conditional on the passing of a resolution to change the Company's articles of incorporation at an extraordinary general meeting to be held in October 2009.

Board Appointments

The Board is also pleased to announce the appointment of two independent non-executive Directors, Jonathan Hooley and Chris Russell, who will both join the Board on 31 October 2009.

Jonathan Hooley is a resident of Guernsey and was, until September 2007, the senior partner of KPMG in the Channel Islands. He is Chairman of the Channel Islands Stock Exchange, a non-executive director of BlueCrest AllBlue Fund Limited, a member of the Offshore Advisory Committee of The Association of Investment Companies and an adviser to the Policy Council of the States of Guernsey on external matters. 

Chris Russell is a resident of Guernsey and was, until 2001, an executive director of Gartmore Investment Management plc. He is a director of a number of public companies listed in the UK and overseas: Candover Investments PLC, JPMorgan Fleming Japanese Smaller Companies Investment Trust PLC, Castle Asia Alternative PCC Limited, and The Korea Fund Inc. He is also a director of The Association of Investment Companies, Schroders (C.I.) Limited, Enhanced Index Funds PCC and Hanseatic Asset Management LBG Limited. In the previous five years he has been a director of two public companies in voluntary liquidation: Investec High Income Trust plc and F&C Event Driven Limited. 

Board Retirement

The Board also announces that Donald Adamson will retire as a Director of the Company on 31 October 2009. The Board would like to thank him for the significant and valuable contribution he has made to the Company since its launch in 2005.

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: [phone]

 

END

 

 

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