AFI Development PLC RESIGNATION OF NON-EXECUTIVE DIRECTOR (5971J)

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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, [phone]

Ilya Kutnov, Corporate Affairs/Investments Director (Responsible for arranging the release of this announcement)

Citigate Dewe Rogerson, London [phone]

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

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September 12, 2016 10:25 ET (14:25 GMT)