Valad MD’s fu­ture is now un­der cloud

Townsville Bulletin - - Investor - townsville­bul­letin. com. au

THE ten­ure of Valad Prop­erty Group’s man­ag­ing di­rec­tor has come un­der a cloud af­ter the sale of the group’s Euro­pean op­er­a­tions fell over.

Valad said it was hold­ing dis­cus­sions with in­cum­bent man­ag­ing di­rec­tor Peter Hur­ley about his ‘‘ fu­ture ar­range­ments’’ af­ter the sale of its Euro­pean op­er­a­tions to a con­sor­tium that in­cluded Mr Hur­ley failed.

‘ ‘ Valad Prop­erty Group to­day an­nounces that the MBO pro­posal has been with­drawn and, as a re­sult, all dis­cus­sions with the MBO Group in re­la­tion to the po­ten­tial ac­qui­si­tion of the Euro­pean busi­ness have ceased,’’ Valad said in a state­ment yes­ter­day.

Valad an­nounced on De­cem­ber 16 last year that MBO had pre­sented an in­dica­tive and in­com­plete pro­posal to ac­quire the group’ s Euro­pean in­vest­ment man­age­ment busi­ness.

The Valad board last year agreed that Mr Hur­ley would take a leave of ab­sence dur­ing the talks due to his con­flict of in­ter­est.

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