Last checked at 12 Dec 2017 07:00
12 December 2017
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Board Changes
The Board of Empiric Student Property plc (the "Board") (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that Paul Hadaway, the Company's Chief Executive Officer, has received notice to terminate his employment with the Company. Accordingly, Mr Hadaway has ceased to be a Director of the Company with immediate effect.
Tim Attlee, co-founder and Chief Investment Officer, has agreed to assume the additional role of acting Chief Executive. Mr Attlee will work alongside Lynne Fennah, Chief Financial Officer, who has significant expertise in real estate and specific knowledge of the hospitality sector, and together they will ensure the Company remains fully focused on continuing to deliver the significant financial and operational improvements and cost savings arising from the Company's business review as outlined in the announcement by the Company on 23 November 2017.
Baroness Dean, Chairman of Empiric Student Property plc, commented:
"The Board is confident that Empiric will continue to deliver on its operational efficiencies under Tim Attlee as acting CEO and Lynne Fennah as CFO, together leading the executive and operational teams. They have a deep knowledge of Empiric's business and operations and have led on shaping and implementing its strategies. They are already implementing significant financial and operational improvements and cost savings arising from the Company Business Review, which the Board expects will deliver growth in operating margin, dividend cover and total shareholder return through 2018 and beyond.
The Board acknowledges and thanks Mr Hadaway for his significant contribution to the business and wishes him well for the future."
There is no information to be disclosed pursuant to LR9.6.13R.
For further information on the Company, please contact:
Empiric Student Property plc | (via Newgate below) |
Brenda Dean (Chairman) |
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Tim Attlee (acting Chief Executive) |
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Lynne Fennah (Chief Financial Officer) |
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Akur Limited (Joint Financial Adviser) | Tel: 020 7493 3631 |
Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Jefferies International Limited (Joint Financial Adviser and Broker) | Tel: 020 7029 8000 |
Gary Gould |
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Stuart Klein |
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Newgate (PR Adviser) | Tel: 020 7680 6550 |
James Benjamin | Em: empiric@newgatecomms.com |
Anna Geffert |
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Lydia Thompson |
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Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
The Company's LEI is 213800FPF38IBPRFPU87.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes:
Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.
The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.