04 December 2015
K&C REIT plc, the residential REIT group, today announces a number of Board Changes.
Nigel Payne (Non-Executive Chairman) and George Rolls (Chief Executive) have informed the Board of K&C REIT that they have decided not to seek re-election to the Board at the Company's forthcoming AGM on 30 December 2015. Michael Davies (Non-Executive Director) has been appointed as Non-Executive Chairman-elect of K&C REIT and will assume his new role as at the date of the AGM. At the same time, Tim James, currently Property Director, and a co-Founder of the Company, will become Managing Director of the Company.
Nigel Payne and George Rolls have an increasing number of external business interests and commitments and, following the successful flotation on AIM in July and subsequently helping guide the Company on developing its strategy, they have both decided, and the Board of K&C REIT has accepted, that the time is right for them to step down.
Commenting on these changes, Michael Davies, Non-Executive Director of K&C REIT, said:
"Nigel Payne and George Rolls played a significant role in ensuring that K&C REIT successfully floated on AIM in July and their guidance and counsel has helped set the Company on course for success. We understand that their many other commitments mean that they have now decided to relinquish their K&C REIT positions and I would like to thank them for their support and wish them well."
|K&C REIT plc||[email protected]|
|Tim James, Managing Director||+44 (0) 7768 833029|
|Allenby Capital Limited|
|Jeremy Porter/James Reeve||+44 20 3328 5656|
|Yellow Jersey PR||+44 (0) 7768 534641|
|Philip Ranger/Dominic Barretto|
Notes to editors:
K&C REIT's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of property-owning SPVs (Special Purpose Vehicles). The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.