Helical Bar Regulatory News (HLCL)

23 May 2024

HELICAL PLC

("Helical" or the "Group")

MATTHEW BONNING-SNOOK TO SUCCEED GERALD KAYE AS CEO OF HELICAL

Helical today announces that Matthew Bonning-Snook, Property Director, will succeed Gerald Kaye as Chief Executive of the Company at this year's Annual General Meeting ("AGM") in July. Gerald has informed the Board that, after 30 years with the Company, he will be handing over his executive duties and stepping down from the Board at the 2024 AGM. He will remain as an external consultant having agreed to support on the delivery of the Company's next best-in-class office developments at 100 New Bridge Street, EC4 and Brettenham House, WC2.

Matthew has built a long and successful career at Helical, having joined the business in 1995 and the Board in 2007, and been responsible for delivering a significant number of highly profitable projects. The Board believes he is well placed to lead the business through the next phase of its development programme, which is focused on three over station development ("OSD") schemes in joint venture with TfL's Places for London, at 10 King William Street, EC4, Southwark, SE1 and Paddington, W2, in addition to 100 New Bridge Street, EC4 and Brettenham House, WC2.

Richard Cotton, Chairman of Helical, said: "On behalf of the Board I would like to pay tribute to Gerald's outstanding contribution to Helical during his long tenure as first, Development Director and, most recently, as Chief Executive. Since he succeeded Mike Slade in 2016 he has re-focused the business as a best-in-class developer in Central London. Over this period he has had to contend with strong headwinds, from Brexit, Covid and latterly the sharp upward adjustment in interest rates. Throughout he has remained calm and focused, helping the business to navigate the challenges while always demonstrating a totally committed work ethic. 

"I am delighted that he has agreed to continue in an external consultancy role, maintaining the strong relationships with our important joint venture partners.

"The Board has succession as one of its key priorities and Matthew's appointment is an important part of this process. Matthew has built a highly impressive track record during his near 30 year tenure with the Company, where he has been responsible for identifying, funding and delivering multiple highly profitable developments. Market conditions are challenging at present and the share price performance has been reflective of this, but the quality of our pipeline and partners give me encouragement that we are well placed to deliver good shareholder returns over the medium term. We have a clear strategy to do this and I look forward to working closely with Matthew to implement it."

Gerald Kaye, Chief Executive of Helical, said: "It has been a tremendous privilege to lead a business that has delivered some major and iconic London office developments which are today being enjoyed by a diverse range of businesses.

"I have worked alongside Matthew for almost 30 years and believe he is the right person to succeed me as Chief Executive of Helical. I know that he is fully focused on realising profits from the Company's exceptional development pipeline and I look forward to continuing to make my own contribution to the ongoing success of Helical in a consultant role."

Matthew Bonning-Snook, Property Director of Helical, said: "Gerald and I have worked together since 1995 and I am honoured to succeed him as Helical's Chief Executive. I thank the Board for its support and look forward to leading Helical during the next phase in its growth and to working with Tim Murphy, Chief Financial Officer, and the rest of the exceptional Helical team."

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