Last checked at 29 Jun 2010 07:00
29 June 2010
Real Estate Investors plc
("REI" or "the Company" or "the Group")
BOARD CHANGES
Real Estate Investors (AIM:RLE), the West Midlands based property group, announces the appointment of John Crabtree OBE, DL, D.Univ, as non executive Chairman and William Wyatt as non executive director of the Board, both with effect from 28 June 2010. Mr Crabtree replaces Peter Lewin who is standing down as Chairman, but will remain on the Board as a non executive director.
John Rawcliffe Airey Crabtree OBE (aged 60) has a very wide variety of business, community and charitable interests, predominantly in the West Midlands. Until 2003, he was senior partner of Wragge & Co, the leading Birmingham based national firm of solicitors and, until recently, he was Chairman of both Metalrax Group plc and Claimar Care Group plc. He is currently Chairman of SLR Management Limited, TruckEast, Birmingham Hippodrome Theatre Trust and the charity, Sense. He is also senior independent director of Staffline Holdings plc and a director of Advantage West Midlands (the regional development authority). He is a former President of Birmingham Chamber of Commerce & Industry, was High Sheriff of the West Midlands and is currently Deputy Lieutenant.
In 2003, he was awarded UK's 'Lawyer of the Year' and Birmingham Law Society's 'Lifetime Achievement Award'.
William Penfold Wyatt (aged 41) is an executive director of Caledonia Investments Plc, the FTSE 250 listed Investment Trust which owns 28.17% of REI. He is due to take over as CEO of Caledonia in July this year. Mr Wyatt is a director of a number of listed businesses on behalf of Caledonia including Melrose Resources Plc, Avanti Communications Plc, Terrace Hill Plc and Bristow Group Inc.
JOHN CRABTREE
Current directorships / partnership held by John Crabtree are:
Airey Limited
Birmingham Hippodrome Limited
Birmingham Hippodrome Theatre Trust Limited
Cerebrum Partners Limited
Compare Professional Service Jobs Limited
DCI Group Limited
Investbx Holding Company Limited
Investbx Limited
Investbx Managed Services Limited
Investbx Promotions Limited
Opus Restaurant Limited
Resolve International Tax Limited
Sense, The National Deafblind and Rubella Association
SLR Holdings Limited
SLR Management Limited
Staffline Group plc
Staffline Recruitment Limited
WRFC Players Limited
WRFC Trading Limited
Mr Crabtree's directorships / partnerships held in the previous five years are:
Albecourt Developments Limited
Arden Manor Developments Limited
Birmingham Chamber of Commerce and Industry
Claimar Care Group plc
H&A Realisations Limited
H&A Wine and Spirits Group Limited
Metalrax Group plc
Warwick Racecourse Company Limited
John Crabtree was a non-executive director of H&A Wines & Spirit Group Limited, which went into administration on 24 April 2003. The directors' estimated deficiency as regards members and creditors as at 24 April 2003 was £2,829,473.
WILLIAM WYATT
Current directorships held by William Wyatt are:
Avanti Communications Group plc
Bristow Aviation Holdings Limited
Bristow Group Inc
Caledonia GP Distribution Limited
Caledonia Investments plc
Caledonia Land & Property Limited
Cobehold SA
Cobepa SA
Cobip SA
Crewkerne Investments Limited
Melrose Resources plc
Nova Capital Group Limited
Omniport Holdings Limited
St Lawrence Properties Limited*
Sterling Industries plc
T.C.L. Holdings Limited
Terrace Hill Group plc
TGE Marine AG
The Cayzer Trust Company Limited
The Dunchurch Lodge Stud Company
Urquhart Engineering Company Limited
Mr Wyatt's directorships held in the previous five years are:
Amber Industrial Holdings plc
Argo Flare Services Limited
Avanti Screenmedia Group plc (now Insetco plc)
Avondale (City) Limited
Bloom Engineering Company Inc
Caledonia Industrial & Services Limited
CIS Treasury Limited
Exactor Sterling Limited
FB Realisations Limited
GCD International Pty Limited
GLE HI - Tech Seals Limited
Heat Exchange Industries Limited
Huntley & Sparks Limited
Lakers Process Engineering Limited
May Acoustics Limited
Mori Group Limited
Quality Heat Technologies Limited
Seven Publishing Group Limited
Shalfleet Properties Limited
Sterling Hydraulics Limited
Sterling Process Engineering Limited
Sterling Thermal Technology Limited
The Amber Chemical Company Limited
Thermo Engineers Limited
* St Lawrence Properties Limited is a 100% owned subsidiary of Caledonia Investments plc and, following the wind down of its property related activities, a decision was taken to liquidate the company and return funds to shareholders. The company was placed in members voluntary liquidation in February 2008.
There is no further information to be disclosed in line with Schedule 2 paragraph (g) of the AIM Rules in respect of either director.
Enquiries:
| Real Estate Investors PLC Paul Bassi
| +44 (0)121 265 6400 |
| Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant
| +44 (0)20 7131 4000 |
| Singer Capital Markets Limited Alan Geeves
| +44 (0)20 3205 7500 |
| Tavistock Communications Jeremy Carey/Amy Walker
| +44 (0)20 7920 3150 |
Notes to Editors
1. REI is an AIM listed property investment company specialising in commercial property principally in the West Midlands and central England
2. REI is focused on delivering shareholder value through returns generated from strong yields and capital enhancements. This is achieved by targeting investments in orphaned, distressed, part-let and underperforming commercial property assets
3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of Bigwood Chartered Surveyors
4. REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £35 million in further equity issues as well as debt financing to grow its property portfolio. As at 31 December 2009, its portfolio and inventories were valued at £55 million
5. Further information on REI can be found at www.reiplc.com