Shaftesbury PLC has announced that Peter Levy, non-executive Chairman, has advised the Board of his intention to retire as a Director on 30 September 2004, the end of the Company’s current financial year. The Board has resolved to appoint John Manser as non-executive Chairman with effect from 1 October 2004.
Mr Manser has been a non-executive Director of the Company since 1997 and is currently Senior Independent Director and chairman of the Audit Committee. He is chairman of Intermediate Capital Group PLC, deputy chairman of Fitzhardinge PLC and a non-executive director of South African Breweries PLC.
The Board has resolved to appoint John Emly as Senior Independent Director with effect from 1 October 2004.
Mr Manser will continue to chair the Company’s Audit Committee.
Peter Levy founded Shaftesbury as a private company in 1986 with an initial equity of £13 million. The Company obtained a full listing on the London Stock Exchange in October 1987. During his Chairmanship the Company’s portfolio has grown to over £730 million and its market capitalisation is in excess of £350 million. The Board wishes to express its appreciation to Mr Levy for his skills and stewardship throughout this period, which has seen the Company establish itself as a specialist investor in London’s West End property market.
Commenting, Peter Levy said “It has been extremely exciting and rewarding for me to see Shaftesbury grow over the last eighteen years into a highly regarded company in the property sector which has developed a unique investment philosophy and expertise. I feel it is time to step aside confident in the knowledge that the Company has the skills to continue its progress in an ever changing and challenging environment”.
Source: Shaftesbury PLC