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St. Modwen Props - Notice of Directorate Change

RNS Number : 2906U
St. Modwen Properties PLC
22 November 2019
 

Date of issue: 22 November 2019

LEI: 213800WMV4WVES8TQH05

 

St. Modwen Properties PLC

("St. Modwen" or the "Company")

Notice of Directorate Change

 

This announcement contains inside information.

St. Modwen Properties PLC, expert developer and regeneration specialist, today announces that Mark Allan, Chief Executive, has advised the Board of his intention to leave St. Modwen in order to become CEO of Land Securities Group PLC. He will leave St. Modwen at the end of May 2020 and in the meantime, will continue to play a full and active role in the business.

The Board will now begin the process to appoint a successor and the Company will provide an update as and when appropriate.

Commenting on the announcement, Danuta Gray, Non-executive Chair of St. Modwen, said:

 "Whilst we will be disappointed to see Mark leave, we have achieved an enormous amount over the past three years while he has been in post. We now have a clear strategy focused on sectors with strong structural growth characteristics, an aligned and talented management team in place to deliver, plenty of financial capacity and a deep pipeline of opportunities, all of which continue to underpin our growth ambitions. I would personally like to thank Mark for everything that he has achieved over the past three years and for his support to me over the past twelve months. The Board and I wish him well in his new role."

Mark Allan commented:

"I am very proud of what we have achieved at St Modwen over the past three years. We have repositioned the portfolio towards stronger growth sectors and substantially reduced our exposure to more challenging sectors such as retail and London residential land in a timely manner. In the process we disposed of nearly half our initial portfolio and substantially reduced our borrowing, creating financial capacity to grow. We have a strong team in place, good momentum in the performance of the business and I have every confidence that St Modwen will go from strength to strength."

A statement required by section 430(2B) of the Companies Act 2006 will be placed on St. Modwen's website as soon as reasonably practicable following the date on which Mark Allan ceases to be a director of the Company.

 

 

For further information, please contact:

St. Modwen Properties PLC

www.stmodwen.co.uk

Mark Allan, Chief Executive

Tom Gough, Head of External Communications and Stakeholder Relations

0121 222 9400

 

 

 

FTI Consulting

 

Dido Laurimore

Ellie Sweeney

020 3727 1000

 

Notes to Editors:

St. Modwen

St. Modwen is an expert developer with over 30 years of property and regeneration expertise, operating across three dedicated business units in the UK: St. Modwen Homes, St. Modwen Industrial & Logistics, and Strategic Land and Regeneration, all of which are aligned to structural growth trends. A constituent of the FTSE250, the company is active across England and South Wales, with a national portfolio totalling £1.47bn.

Across our three business units, our highly-skilled people safeguard our principles of delivering high-quality, sustainable developments as a positive legacy for businesses and communities for years to come. We are focussed on delivering value for our customers, partners and shareholders - operating with our purpose of 'Changing Places. Creating better Futures.' throughout everything with do.

St. Modwen Homes builds contemporary new homes across the UK, is sales active on 25 schemes and is expected to deliver over 1,000 new homes during 2019.

St. Modwen Industrial & Logistics has a committed pipeline of 1.6m sq ft of high-quality logistics and industrial space and draws on a total longer-term pipeline of over 15m sq ft of which 60% has planning. Customers include leading logistics, e-commerce and manufacturing firms.

Our Strategic Land and Regeneration business focuses on promoting and master developing sites, including releasing land for house-building and commercial use, as well as delivering transformational regeneration projects such as New Covent Garden Market, London; the £1bn transformation of Longbridge, Birmingham; and the on-going development of the £450 million Bay Campus for Swansea University.

 

 

 


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Price: 351.5

Market: LSE
Market Cap: £781.66 m
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