9 Sep 2009 07:00
The Local Shopping REIT plc
BOARD CHANGES
(London: 9 September 2009) - The Local Shopping REIT ("LSR" or the "Company"), a UK real estate investment trust focused on investments in local shopping assets, announces the appointment of Stephen East as a Non-Executive Director with effect from 10 September 2009.
Mr East will become the Company's senior Non-Executive Director, chairing the board's Audit and Nomination Committees and sitting on the Remuneration Committee. He replaces Andrew Cunningham who, having served on the board since the Company's inception, has decided to resign from the LSR board to focus on other business activities, also with effect from 10 September 2009.
Stephen East (51) was the Finance Director of Woolworths Group plc from 2005 to 2008, responsible for the overall finance function of the group, and a member of its retail business' executive committee, with specific responsibility for its finance and property functions. Prior to that, he worked at MEPC plc, where he held the position of Finance Director of MEPC from 1999 to 2003. From 2004 to 2008, he was a Non-Executive Director at Star Energy Group plc and was a Non-Executive Director of Regus Group plc from 2005 to 2008. Earlier in his career, he worked at Redland PLC from 1983 to 1996, becoming Group Treasurer in 1987, having joined the business from Binder Hamlyn where he had qualified as a Chartered Accountant.
Grahame Whateley, LSR's Chairman, commented:
"We are delighted to welcome Stephen to the Board. His deep knowledge and experience of the retail and property sectors will be of enormous benefit to LSR during this next exciting stage in the Company's evolution.
"I would also like to take this opportunity to thank Andrew Cunningham for his considerable contribution to LSR, in particular during its flotation in 2007 and the subsequent challenges of the last two years, and to wish him every success in the future."
The following information is disclosed in respect of Stephen East pursuant to Listing Rule 9.6.13R:
Stephen East has during the last five years been a director of Regus Group plc, Star Energy Group plc and Woolworths Group plc. Mr East was a director of the following Woolworths Group companies which have entered insolvency proceedings: Woolworths plc entered Administration on 27 November 2008, Woolworths Group plc entered Administration on 27 January 2009 and Woolworths Media plc entered Administration on 11 February 2009. Flogistics Limited entered liquidation on 10 February 2009. Receivers were appointed to Tromax Limited's properties on 16 April 2009.
For more information, please contact:
Financial Dynamics Tel: 020 7831 3113
Stephanie Highett/Richard Sunderland/Jamie Robertson
About The Local Shopping REIT
The Local Shopping REIT plc ("LSR") is the first specialist start-up Real Estate Investment Trust ("REIT") to launch in the UK.
Already a major owner of local retail property, the Company is building a portfolio of local shops in urban and suburban areas, investing in neighbourhood and convenience properties throughout the UK. Typical of the portfolio are shops in local shopping parades and neighbourhood venues for convenience or 'top-up' shopping. As at 31 July 2009, the Company's portfolio comprised 628 properties comprising nearly 2,000 letting units.
For further information on LSR, please visit www.thelocalshoppingreit.co.uk.
For further information on REITS, please visit www.reita.org.