New chair for Coast’s Eureka

FORMER Ariadne chief executive Murray Boyte is expected to take on the role of chairman of listed retirement village operator Eureka Group today following a push from its largest shareholder for new leadership.

Cooper Investors, which in May announced a 10.69 per cent stake in Southport-based Eureka, had criticised management, including chairman Robin Levinson, for poor investment decisions at Couran Cove and Terranora and the performance of the share price.

In the past year, the share price has fallen from 75¢ to as low as 29.5¢.

The delayed approval for Eureka’s development at Terranora, and the company’s decision to end its ownership of the management rights for Couran Cove, also damaged investor confidence.

Mr Levison wrote to shareholders ahead of yesterday’s annual meeting in Brisbane to defend the company’s performance.

He said he shared the frustrations of securityholders, however, he noted, that he had taken the company from a market capitalisation of $5 million to one with assets of $110 million today.