24 Mar 2016 07:00
24 March 2016
Urban&Civic plc
Urban&Civic Announces Board Changes
Urban&Civic plc ("Urban&Civic", the "Company" or the "Group") today announces a number of Board changes.
The Company announces the appointment of Alan Dickinson, currently Senior Independent Director, as Non-Executive Chairman with immediate effect. Nigel Hugill will become Chief Executive, with Robin Butler remaining as Managing Director. Duncan Hunter will assume the role of Senior Independent Director. An additional Independent Non-Executive Director will be appointed as Chairman of the Audit Committee in due course. Pending that appointment, Dr Hunter will continue to chair the Audit Committee.
Robert Adair will step down from the Board on 30 June 2016 having been Chairman of Terrace Hill plc until the reverse acquisition of Urban&Civic in May 2014 and Deputy Chairman of the enlarged business over the past two years.
Philip Leech ceases to be a Board Member but will remain as Group Property Director; Jon Austen will retire as Finance Director on 1 September 2016 to be succeeded by David Wood, currently Director, Finance, Strategic Land and Tax, who has been with Urban&Civic since April 2010.
Alan Dickinson is a Non-Executive Director of Lloyds Banking Group plc and a Non-Executive Director of Willis Ltd, the Insurance Broker. He has over 45 years' experience in property, banking and finance.
Nigel Hugill, Chief Executive of Urban&Civic, commented:
"We are fortunate to have Alan Dickinson become Chairman of Urban&Civic, given the breadth and extent of his experience. An additional Independent Non-Executive Director is to be appointed. In conjunction with a conventional division of responsibilities the Group will be fully governance compliant at that point. It is now almost two years since Urban&Civic came to market and Alan's appointment is part of the natural evolution of the business that also ensures it is best positioned for future growth. "Jon Austen will stay with us over the summer and I would like to take this opportunity to thank him and Robert Adair, the founder of Terrace Hill, for their enthusiastic and valuable support. Together they have been instrumental in helping establish the combined business including, importantly, succession planning which will help Urban&Civic progress through the next stage of our development."
Robert Adair, outgoing Deputy Chairman of Urban&Civic, added:
"I committed to staying on the Board for two years following completion of the merger. I am very pleased with the progress since that date and intend to retain my shares for the foreseeable future."
No further details are required to be disclosed under LSE Listing Rule 9.6.13.
-Ends-
For further information, please contact:
FTI Consulting 020 3727 1000
Giles Barrie
Ellie Sweeney
Dido Laurimore
About Urban&Civic plc
Urban&Civic plc is a property development and investment company listed on the London Stock Exchange's main market (UANC), with a market capitalisation approaching £400m. The Group was formed through the reverse takeover of AIM‐listed commercial property developer Terrace Hill by unlisted strategic residential land company Urban&Civic in May 2014. The takeover was undertaken in parallel with a capital raise of £170m, creating a management team and board with an outstanding track record and the ambition to grow a new "Best in Class" UK real estate business.
Urban&Civic is led by Nigel Hugill and Robin Butler, who co‐founded the business in 2009 having previously led major London regeneration projects such as the White City shopping centre, Stratford City, Paddington Basin and Elephant and Castle.
Urban&Civic have a dual focus of large scale strategic sites and bespoke commercial projects.
Commercial development and investment assets are focused on bespoke, predominantly mixed use schemes in dynamic cities and towns as well as key growth locations. These include the proposed redevelopment of Princess Street, Manchester, the Renaissance Hotel at Deansgate, Manchester and a hotel development directly connected to Stansted airport.
From a strategic land perspective, Urban&Civic are taking forward over 3,000 acres of land across four sites located close to Cambridge, Huntingdon, Newark and Rugby delivering more than 20,000 new homes.