Proposed changes to Capital Properties board
Joint media release from AMP Property Portfolio and Capital Properties: 21 November
Proposed changes to Capital Properties board announced
AMP Property Portfolio and the Directors of Capital Properties today announced proposed changes to the board of Capital Properties New Zealand Limited. The changes, expected to take place later this week, follow AMP Property Portfolio’s successful takeover of Capital Properties.
The new board of Capital Properties is proposed to include Murray Gribben, Stephen Costley and one other yet to be confirmed nominated by AMP Property Portfolio. Michael Cashin and James Ogden will continue as independent directors.
Tony Frankham, the current Chairman of Capital Properties, will leave the board along with independent director Peter Coote and Richard Didsbury, who has represented Kiwi Income Property Trust on the Capital Properties board.
Tony Frankham said that he was appointed to the board to act as independent chairman with the expectation that some move might be taken by either AMP interests or Kiwi Income Property Trust. Now that AMP Property Portfolio had made a takeover offer and had achieved significant control it was appropriate that he step down. Tony Frankham said he considers Michael Cashin and James Ogden are the best placed people to continue as directors and to represent minority shareholders.
Murray Gribben, Head of Alternative Assets for AMP Capital Investors (New Zealand) Limited, is proposed to be the chair of the new board.
“We thank the current chairman Tony Frankham and his colleagues for their leadership of Capital Properties through a challenging time, and for the effort they have put in for all shareholders,” said Stephen Costley, General Manager, AMP Property Portfolio.
It is anticipated the changes to the board will occur at a board meeting expected to be on 23 November, after acceptances (received up to and including 16 November) under AMP Property Portfolio’s Offer have been paid. Mr Gribben’s appointment as chairman will also be considered at this meeting.
The Offer has been extended and declared unconditional, and will now close at 11.59pm on 1 December 2005.