22 Dec 2011 07:00
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN
Changes to the Board of Directors at AFI Development
London, 22 December 2011 - AFI Development Plc ("AFI Development" or "the Company") announces that it has today accepted the resignation of Mr. Alexander Khaldey from the Board of Directors of the company, effective from 31 December 2011. The Board of Directors has appointed Mr. Mark Groysman, CEO of AFI RUS LLC, to the Board as Executive Director, effective from 1 January 2012.
As announced on 14 July 2011, Mr. Alexander Khaldey, who at the time was acting as executive director of the Company and Chairman of AFI Rus and Stroyinkom-K, the Company's subsidiaries, ceased performing his executive positions with the Company and stepped down from his positions as Chairman of AFI Rus and Stroyinkom-K, effective as from 1 August 2011. Mr. Mark Groysman, CEO of AFI RUS since May 2011, assumed Mr. Khaldey's executive functions at the Company's subsidiaries.
As previously announced, Mr. Khaldey committed to continue to serve the Company as a non-executive director on the Board until the end of 2011. During this period he has been fully engaged in transferring his duties and responsibilities as well as his business contacts to Mr. Groysman. Now, with Mr. Khaldey's resignation from the Board and the appointment of Mr. Groysman as Executive Director of the Company, the change of executive leadership at AFI Development is complete.
Mr. Groysman is not a director and has not in the previous five years been a director in any other publicly quoted company. He has no unspent convictions in relation to indictable offences. Mr. Groysman has not (i) whilst a director, or within 12 months preceding such events, been associated with any receiverships, compulsory liquidations, creditors voluntary liquidations, administrations, company voluntary arrangements or any composition or arrangement with its creditors generally or any class of its creditors of any company whilst acting as an executive director; (ii) whilst a partner, or within 12 months preceding such events, been associated with any compulsory liquidations, administrations or partnership voluntary arrangements of any partnerships whilst acting as a partner; (iii) whilst a director, or within 12 months preceding such events, held assets which have been the subject of a receivership; (iv) whilst a partner, or within 12 months preceding such events, been partner of any partnership preceding any receivership of the assets of such partnership; (iv) been declared bankrupt or entered into any individual voluntary arrangements; (v) been subject to any public incrimination and/or sanction by statutory or regulatory authorities (including designated professional bodies); or (vi) been disqualified by a court from acting as a member of the administrative, management or supervisory body of any company or from acting in the management or conduct of the affairs of any company.
Commenting on today's announcement, Mr. Lev Leviev, Chairman of the Board of Directors, said: "I would like to thank Mr. Khaldey for his key role in establishing AFI Development's strong Russian presence and for his service on the Board. On behalf of the Board of Directors I would like to welcome Mr. Groysman to the Board and wish him best of luck in his new function."
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For further information, please contact:
AFI Development, +7 495 796 9988
Alexander Adadurov
Ilya Kutnov
Citigate Dewe Rogerson, London+44 20 7638 9571
David Westover
Sean Bride
About AFI Development
AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.
AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction, and quality and customer service.
AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market.. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.
AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.