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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Tuesday said Non-Executive Director Alexis Atteslis has stepped down with immediate effect after Oak Hill Advisors reduced its stake in the company to below 5%.
The office investor's articles of incorporation allow for Oak Hill Advisors to appoint one non-executive director to the Globalworth Real Estate Investments board until its shareholding falls below 5%. Since September 2014, that director has been Atteslis.
As investment manager Oak Hill Advisors' stake is now only 4.05%, Atteslis' directorship has been immediately terminated.
Shares in Globalworth Real Estate Investments were up 1.2% at EUR8.30 per share on Tuesday.