Globalworth Real Estate Inv Ltd Appointment of Additional Non-Executive Directors (9246X)

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: [phone] 

Dimitris Raptis

   Panmure Gordon (Nominated Adviser and Joint Broker)              Tel: [phone] 

Andrew Potts

   Cantor Fitzgerald Europe (Joint Broker)                                Tel: [phone] 

Rick Thompson

David Foreman

Milbourne (Public Relations) Tel: [phone]

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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February 27, 2017 07:00 ET (12:00 GMT)