(Alliance News) - RDI REIT PLC said Tuesday that three directors will step down from the real estate investment trust's board, with effect from its upcoming annual general meeting on January 23.
Marc Wainer will retire as non-executive director of RDI REIT following his stepping down in August as executive director at JSE-listed Redefine Properties Ltd, a shareholder in RDI.
Wainer has been part of RDI as Redefine's sole representative for eight years since 2011. Non-Executive Director Pieter Prinsloo will act as Redefine's representative once Wainer departs.
In addition, Deputy Chief Executive Officer Stephen Oakenfull and Property Director Adrian Horsburgh will step down from the board but retain their roles.
RDI REIT said this will result in its board comprising seven directors, better reflecting the company's current size.
Shares in RDI REIT - which is headquartered in London - were up 1.2% at ZAR25.30 on Tuesday in Johannesburg, but its London shares were down 0.7% at 133.60 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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