PFO.L Regulatory News (PFO)

3 May 2005 18:19

VTR PLC03 May 2005 For immediate release Tuesday 3 May 2005 VTR plc Having reached his 65th year, John Banks has decided to retire and has resignedfrom the Board of VTR plc as of 3rd May 2005. The Board wishes to thank John for his considerable contribution to the businessas Managing Director over the past 21 years. Paul Tracey, Corporate Development Director, has been appointed as ManagingDirector with effect from today's date. The Board has reviewed the current trading environment and notes that,consistent with its previous statement at the time of the interim results,conditions remain challenging and market expectations will not be achieved. The Board has instituted a strategic review of the Group's businesses with aview to considering ways of enhancing shareholder value and will report toshareholders when this has been completed. Paul Tracey, Managing Director of VTR added, "Whilst these are difficult times for the group I am proud to succeed John asVTR remains the home for some of the best talent, facilities and clients in theindustry. I will be working hard with the Board and senior management to ensurethat the group delivers value to our shareholders, staff and clients over thecoming months and years". For further information please call: Paul TraceyManaging DirectorVTR plc020 7437 0026 Lawrence DoreMantra PR020 7907 7800 Philip DaviesCharles Stanley & Co. Limited020 7739 8200 This information is provided by RNS The company news service from the London Stock Exchange