Financial director decides to stay on
SA Corporate Real Estate, the landlord whose board has been in a state of flux in recent months, says its financial director, who resigned in May, has decided to stay on in the role.
SA Corporate Real Estate, the landlord whose board has been in a state of flux in recent months, says its financial director who resigned in May, has decided to stay on in the role.
“The board, after considering various other candidates, has consented and accepted the rescission of [Antoinette] Basson’s resignation as financial director,” the company said.
This is likely to provide some stability at the company following sudden changes to its executive and a takeover bid from Emira in recent weeks.
SA Corporate, which owns a mix of small retail centres, a large portfolio of innercity housing, a storage business and smokestack factories, also said on Monday it had appointed Arthur Moloto, currently the lead independent director, as chair, with immediate effect. He replaces Jeff Molobela, who died about three weeks ago.
The company has yet to appoint an MD following the resignation of Rory Mackey, at the same time as Basson. However, Mackey is serving a threemonths notice period.
Last week Emira Property Fund, the owner of Bryanston’s Knightsbridge Manor and Hyde Park Lane, and offices in Menlyn Pretoria announced its intention to buy out SA Corporate via a share swap. The deal, if it goes through, would create a group worth about R15.5bn.
Emira has declined to detail what it would do with SA Corporate’s businesses should a takeover go ahead and if the executives including Basson would retain their positions.
Moloto said SA Corporate’s board was committed to serving its shareholders.
WHILE THE BOARD WILL CONSIDER MERGER OFFERS ... THIS WILL ONLY BE PURSUED WHEN SHAREHOLDER VALUE WILL INCREASE
“The board and management of SA Corporate are committed to acting in the best interest of shareholders. While the board will consider merger offers and other corporate action, this will only be pursued when it will result in an increase in shareholder value.
“Management continue to be focused on the performance of the company’s business,” Moloto said.