Directorate Change (5642P)

TIDMSQB

RNS Number : 5642P

Squarestone Brasil Limited

05 October 2011

5 October 2011

SQUARESTONE BRASIL LIMITED

("Squarestone Brasil", "the Company" or "the Group")

DIRECTORATE CHANGES

Squarestone Brasil Limited (AIM: SQB.L; SQBW.L), the Anglo-Brazilian real estate and investment group, today announces that James Morse has stepped down as CEO and has today left the Group in order to pursue other business opportunities. The Board of Squarestone Brasil has appointed Executive Directors Robert Sloss and Tim Barlow as interim Joint CEO, with immediate effect. The search for a new CEO has commenced and a further announcement will be made in due course.

The Board of Squarestone Brasil continues to strengthen its Brazilian management team and today announces that it has formally established a Management Board in Sao Paulo. This comprises three senior members of the Group's current management team in Brazil and underlines the scale and ambitions of the team.

Neil Varnham, Non-Executive Chairman, said:

"The Board would like to thank James for his contribution to the Company during Squarestone Brasil's formative stages. As reported at our interim results on 23 September, the economic and financial indicators remain positive for the Brazilian shopping mall sector and we believe that it remains an attractive growth investment opportunity. Squarestone Brasil is now significantly stronger since forming its joint venture with BTG Pactual and Walton Street Capital and the Board believes the Group is in an excellent position to capitalise on the significant shopping mall opportunities in Brazil.

Squarestone Brasil continues to build on the significant progress on leasing activities being achieved at our Golden Square shopping mall development in Greater Sao Paulo."

For further information contact:

 
 Squarestone Brasil                   Tel: [phone] / 07748 
                                       658 172 
 Robert Sloss, interim Joint CEO      Email: 
  Tim Barlow, interim Joint CEO       [e-mail] 
 
 Liberum Capital (Nominated Adviser   Tel: [phone] 
  and Broker) 
 Chris Bowman 
  Christopher Britton 
 
 Kreab Gavin Anderson (PR Adviser)    Tel: [phone] / 
                                       07748 658 172 
 James Benjamin                       Email: 
  Natalie Biasin                      [e-mail] 
 

Notes to Editors

Squarestone Brasil Limited (AIM: SQB.L, SQBW.L) is an Anglo-Brazilian real estate investment and development company specialising in the Brazilian shopping mall sector. The Company combines local real estate market knowledge with international expertise in retailing, construction and development and is focused on introducing to the Brazil shopping mall sector international standards in terms of design, construction, operation and asset management.

Squarestone Brasil Limited is a Guernsey registered and domiciled company with an operational subsidiary in Sao Paulo. Its Ordinary Shares and Warrants are traded on AIM where it was admitted to trading in April 2010. The business carried on by Squarestone Brasil was co-founded in 2007 by James Morse, Tim Barlow and Robert Sloss.

Further information on Squarestone Brasil is available from the Company's website:

www.squarestone.com.br

This information is provided by RNS

The company news service from the London Stock Exchange

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