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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rdi Reit P.l.c. | LSE:RDI | London | Ordinary Share | IM00BH3JLY32 | ORD 40P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 121.20 | 121.20 | 121.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRDI
RNS Number : 6423V
RDI REIT PLC
25 July 2018
RDI REIT P.L.C.
("RDI" or the "Company" or the "Group")
(Registration number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
Changes to the Board
Further to the announcement on 15 December 2017, in which Greg Clarke advised of his intention to step down as Chairman of the Board, RDI, the FTSE 250 income-focused UK-REIT, is pleased to confirm the appointment of Gavin Tipper as the Company's new Chairman, with effect from 24 July 2018.
Following notice of Greg Clarke's intentions, the Board of RDI appointed an executive search firm to undertake a comprehensive search for external candidates, and an assessment of both internal and external candidates was performed. As a result of this process, it was concluded that Gavin Tipper was the most suitable person to act as the future Chairman of the Company. A long-standing independent non-executive director of RDI, having joined the Board in August 2011, Gavin Tipper brings significant experience and expertise in relation to corporate governance and stakeholder engagement to the role, whilst also benefitting from a thorough understanding of the Company's strategic direction and dual-listed shareholder base.
Gavin Tipper is a Chartered Accountant and former technical partner at KPMG South Africa and holds Bachelor of Commerce and Accounting degrees, and a Masters degree in Business Administration. He has been involved in the financial services industry for over 25 years and was Chief Operating Officer for the Coronation Holdings Limited Group where he spent 10 years. Gavin Tipper is currently Chairman of Hyprop Investments Limited and AVI Limited, both of which are listed on the JSE.
Michael Farrow, who led the Nominations Committee process, commented:
"Following an extensive selection process, we are very pleased to have appointed Gavin to the role of non-executive Chairman and believe his strong knowledge of the Company and deep market experience will be of great benefit in ensuring the Board operates effectively as it focuses on executing its strategy.
"On behalf of the Board I would like to take this opportunity to thank Greg for his leadership of the Board, helping transform the business into a leading income focused REIT."
Further to the appointment of Gavin Tipper as Chairman, the Board has reviewed the composition of its committees. The committees will comprise the following members with effect from 24 July 2018: -
Audit and Risk Committee Sue Ford (chair) Independent Michael Farrow Independent Elizabeth Peace Independent Remuneration Committee Michael Farrow (chair) Independent Robert Orr Independent Gavin Tipper Independent Nominations Committee Gavin Tipper (chair) Independent Michael Farrow Independent Sue Ford Independent Investment Committee Robert Orr (chair) Independent Marc Wainer Non-Independent Mike Watters CEO Corporate Social Responsibility Committee Elizabeth Peace (chair) Independent Mike Watters CEO Donald Grant Executive Adrian Horsburgh Executive
For further information, please contact:
RDI REIT P.L.C. Mike Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100 FTI Consulting UK Public Relations Adviser Dido Laurimore, Claire Turvey, Tel: +44 (0) 20 3727 1000 Ellie Sweeney Instinctif Partners SA Public Relations Adviser Frederic Cornet Tel: +27 (0) 11 447 3030 JSE Sponsor Java Capital Tel: + 27 (0) 11 722 3050
About RDI
RDI is a FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income focused REIT. The Company's income-led business model and strategic priorities are designed to offer shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings per share of 3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any one sector or tenant, together with an efficient capital structure. The secure and growing income stream is 25.9% indexed and has a WAULT of 6.8 years to first break (8.2 years to expiry). This is complemented by an average debt maturity of 7.0 years of which over 90% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios in the industry whilst maintaining a low cost of debt.
The Company owns properties independently valued at GBP1.6bn in the United Kingdom and Germany, Europe's two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.
RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and is included within the FTSE 250, EPRA, GPR, JSE All Property and JSE Tradeable Property indices.
For more information on RDI, please refer to the Company's website www.rdireit.com
All figures as at 28 February 2018
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
July 25, 2018 02:01 ET (06:01 GMT)
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