Board Changes

RNS Number : 6545I

LondonMetric Property PLC

03 June 2014

 



3 June 2014

LONDONMETRIC PROPERTY PLC

LONDONMETRIC ANNOUNCES BOARD CHANGES

LondonMetric Property Plc ("LondonMetric", the "Company" or the "Group") today announces a number of Board changes.

The Company is pleased to announce the appointments of Mark Stirling and Valentine Beresford to the Board as Executive Directors with immediate effect.

Mark and Valentine were part of the founding team that created Metric Property Investments plc ("Metric") in 2010 and were both Executive Directors of the business prior to its merger with London & Stamford Property Plc in January 2013.   Both have been sitting on the Group's Executive Committee since the merger.

Mark (age 50), Asset Director, leads all the Company's asset management initiatives including leasing and development.  He was Retail Director at Metric and, prior to this, Asset Management Director at British Land following its acquisition of Pillar Property PLC ("Pillar") in 2005. Mark served as Managing Director of Pillar Retail Parks Limited from 2002 until 2005, having initially joined Pillar in 1993.  He has a beneficial shareholding in the Company of 1,592,117 shares.

Valentine (age 48), Investment Director, oversees all of the Company's investment activities, a role he also carried out on behalf of Metric.  Prior to the creation of Metric, he was European Director at British Land following its acquisition of Pillar in 2005. Valentine served on the main board of Pillar from 2001 to 2005, having joined in 1991, and was responsible for its out of town retail investment activities.  He has a beneficial holding in the Company of 2,114,036 shares.

The Company also announces that in line with what was said at the time of the merger, Patrick Vaughan has announced his intention to step down from his role as Executive Chairman.  He will to continue to lead the Board as non-executive Chairman with effect from 30 September 2014 and will remain involved with the Company several days a week. 

Humphrey Price has announced his intention to retire from the Board with effect from 31 March 2015. Following the announcement of the Group's interim results as at 30 September 2014, his role as Chairman of the Audit Committee will pass to Rosalyn Wilton.

Patrick Vaughan, Executive Chairman of LondonMetric, commented:

"Today's announcement is part of the Company's long term succession planning and will further ensure LondonMetric continues to be supported by a strong and able Board which is best placed to oversee the next exciting phase of the Company's evolution and growth.

"Mark and Valentine have been instrumental in the Group's achievements to date. In recognition of this, I am delighted to welcome them to the Board, and look forward to benefitting from their considerable insight and strategic input as we continue to grow the Company for the benefit of all our Shareholders.

"I would also like to take this opportunity to thank Humphrey for his tireless and valuable support.  We have worked together since the early eighties which says everything about his contribution for which he has my eternal gratitude."

No further details are required to be disclosed under LSE Listing Rule 9.6.13.

-Ends-

For further information, please contact:

LondonMetric Property Plc

Patrick Vaughan / Andrew Jones

Tel: [phone]

FTI Consulting

Dido Laurimore / Nina Legge

Tel: [phone]          

Notes to editors:

LondonMetric (ticker: LMP), aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK primarily in out of town retail and distribution properties. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income; and limited risk redevelopments with the aim of enhancing shareholder returns.

Further information on LondonMetric is available at www.londonmetric.com.

 

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