TIDMWSP
RNS Number : 8817T
Wynnstay Properties PLC
22 March 2023
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")
Board Changes
Wynnstay Property Plc (AIM:WSP) is pleased to announce that,
following an external recruitment process, Hugh Ford and Ross Owen
have been appointed to the Board as non-executive directors with
effect from 26 March 2023.
Hugh Ford (56) qualified and practised as a solicitor with
Freshfields both in London and abroad. In 1996, he joined the legal
department of British Airways plc to broaden his commercial
experience before moving to Virgin Atlantic in 2001. He was
appointed general counsel of the listed company Intu Properties Plc
("Intu") in 2003 and was also appointed group treasurer of Intu in
2015. He was not a director of Intu, although he served as a
director of various group companies as part of his role. Intu was
put into administration in June 2020, following which he worked
with the administrators on implementing the administration. He is a
non-executive director of Hertfordshire Catering Ltd and a trustee
and director of Beechwood Park School.
Ross Owen (58) is a chartered surveyor. After qualifying at
Matthews & Goodman and working for Hillier Parker, he joined
Cluttons in 1997, where he was an equity partner for twelve years
and became head of investment and fund management. On his
retirement from Cluttons in 2017, he served for over three years as
chairman of Lambert Smith Hampton Investment Management to which he
remains a consultant. He is a member of the property investment
committees of University College, Oxford, The Royal Borough of
Kensington and Chelsea pension fund and John Lyon's Charity. He is
also a trustee and director of the Cowes Town Waterfront Trust,
which owns the principal yachting marina in Cowes, Isle of Wight
and a portfolio of commercial property investments .
The AIM Rules Schedule Two paragraph (g) disclosures relating to
Hugh Ford and Ross Owen are set out at the end of the
announcement.
The Company also announces that Charles Delevingne has decided
to retire from the Board and will cease to be a director at the end
of the Company's financial year on 25 March 2023.
Philip Collins, Chairman, comments:
"Our external recruitment process attracted keen interest from a
good range of qualified candidates. I am delighted that Hugh and
Ross have accepted invitations to join the Board. Their
complementary backgrounds, experience and skills in business and
commercial property will bring fresh insight and perspective to our
Board deliberations on the evolution of Wynnstay's portfolio and
the Company's future direction.
I am sure that I speak on behalf of all shareholders in thanking
Charles Delevingne for his contribution to Wynnstay's success over
the past twenty years during which his wisdom and guidance have
been invaluable in implementing the major changes we have made to
the portfolio which have underpinned delivery of our successful
results for shareholders."
For further information:
Wynnstay Properties plc
Philip Collins (Chairman) Tel: 020 7554 8766
WH Ireland Limited (Nomad &
Broker) Tel: 020 7220 1666
Hugh Morgan, Chris Hardie, Sarah
Mather
LEI number: 2138006MASI24JYW5076
For more information on Wynnstay visit:
www.wynnstayproperties.co.uk
The information communicated within this announcement is deemed
to constitute inside information for the purposes of the Market
Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this information is considered to
be in the public domain.
The following information is disclosed pursuant to Schedule Two
paragraph (g) of the AIM Rules for Companies.
Hugh Michael Ford
Hugh Michael Ford, age 56, is or has during the last five years
been a director or partner of the following companies and
partnerships:
Current directorships/partnerships (other than Intu group
companies)
Beechwood Park School Ltd
Hertfordshire Catering Ltd
Past directorships/partnerships in the last five years (other
than Intu group companies )
N/A
Intu group companies
Hugh Ford is, or has during the last five years, been a director
of certain companies within the Intu group of companies listed
below, some of which have been the subject of receiverships,
liquidations, administrations or other insolvency proceedings
arising from the placing into administration of Intu Properties plc
in June 2020. The companies where he was a director at the time of,
or within the twelve months preceding, such events are designated
in the list with the mark # followed by a reference number for the
details of the events provided below the list.
He was not a director of Intu Properties plc, the listed holding
company, although he served as a director of various group
companies as part of his role within the group. The administrators
are in the process of winding up the group. He worked with the
administrators after June 2020 and, as is common practice in these
situations, he remains a director of certain Intu group companies
in order to assist with implementing their administration,
transferring assets to creditors and preparing for the eventual
winding down of the group.
All the companies are, or were prior to dissolution,
incorporated in England and Wales save where otherwise stated.
Current directorships (Intu group companies)
Broadmarsh Retail General Partner Ltd # (1)
Intu IP Limited # (2)
Intu (Jersey) 2 Ltd # (3) (incorporated in Jersey)
Intu Management Services Ltd # (4)
Intu Shopping Centres Plc # (5)
Liberty International Group Treasury Ltd # (6)
Past directorships (Intu group companies)
Barton Square Holdco Ltd # (7) Intu MH Participations Ltd
Barton Square Investments Ltd Intu MH Phase 1 Ltd
Belside Ltd (incorporated in Intu MH Properties Ltd
Jersey) Intu MH Waterfront Ltd
Braehead Glasgow Ltd Intu MHDS Holdco Ltd
Braehead Park Estates Ltd Intu Milton Keynes Ltd
Braehead Park Investments Ltd Intu Nottingham Investments Ltd
Broadway Retail Leisure Ltd # # (1)
(8) Intu Payments Ltd #(9)
Cable Plaza Ltd Intu Property Management Ltd
Castle & Pedmore Houses Ltd Intu Shelfco 3 Plc
Chapelfield LP Ltd Intu Spain Ltd
Chapelfield Property Management Intu The Hayes Ltd
Ltd Intu Trafford Centre Ltd
Crossmane Ltd Intu Watford Holdco Ltd
CSC Uxbridge Ltd Intu Watford Property Management
Curley Ltd (incorporated in Jersey) Ltd
Intu (SGS) Topco Ltd Lakeside Centre Ltd
Intu Braehead Property Management Liberty International Holdings
Ltd Ltd # (10)
Intu Cardiff Ltd Merry Hill Finance DAC # (11)
Intu Centaurus Retail Ltd (incorporated in the Republic
Intu Chapelfield Ltd of Ireland)
Intu Debenture Plc Merry Hill Management Services
Intu Experiences Ltd Ltd
Intu Finance MH Ltd Merry Hill Services Ltd
Intu India (Direct) Ltd Merry Hill Trading Ltd
Intu India (Portfolio) Ltd Metrocentre Parent Company Ltd
Intu Investments Ltd Metropolitan Uxbridge Ltd (formerly
Intu Lakeside Hotel Ltd Intu Uxbridge Ltd) # (12) (incorporated
Intu Lakeside Property Management in Jersey)
Ltd SGS 2020 Ltd
Intu Metrocentre Property Management SGS Finco Ltd
Ltd SGS Holdco Ltd
Intu Metrocentre Topco Ltd The Trafford Centre Ltd
Intu MH Acquisitions Ltd Trafford Centre Group (UK) Ltd
Intu MH Group Ltd Trafford Palazzo Ltd
Intu MH Holdings Ltd VCP (GP) Ltd
Intu MH Investments Ltd VCP Nominees No1 Ltd
Intu MH Leaseholds Ltd VCP Nominees No2 Ltd
Victoria Centre Nottingham Ltd
Watford Centre Ltd
Whitesun Ltd
WRP Management Ltd
(1) On 15 April 2020, Mr Ford was appointed as a Director of
Broadmarsh Retail General Partner Ltd ("BRGP"). Mr Ford was also a
director of Intu Nottingham Investments Ltd ("INIL") from 5
December 2011 until 15 April 2020. BRGP and INIL were, respectively
the general partner and limited partner of The Broadmarsh Retail
Limited Partnership. BRGP and INIL were both put into compulsory
liquidation with the Official Receiver at the instigation of their
directors on 03 July 2020, along with the partnership and the other
companies associated with it. At that time, the partnership (and
BRGP as its general partner with unlimited liability) had in excess
of GBP11.8m secured creditors and GBP4.5m unsecured creditors and
INIL had in excess of GBP99m unsecured creditors. The companies
remain in liquidation and Mr Ford has received no further
information from the liquidator, and is not aware that a
liquidator's report has been filed to date, and is thus unaware of
the total amount outstanding to creditors.
(2) On 13 March 2013, Mr Ford was appointed as a Director of
Intu IP Ltd. The company went into members' voluntary liquidation
at the instigation of its shareholders on 17 November 2021,
following a declaration of solvency and recommendation from the
directors. The company remains in liquidation and the latest
progress report filed by the liquidators dated 11 January 2023
confirms that there are no known creditors of the company,
realisation of the company's assets is ongoing and the liquidators
anticipate a distribution to members in due course.
(3) On 15 April 2020, Mr Ford was appointed as a Director of
Intu (Jersey) 2 Ltd (a company incorporated in Jersey) . The
company went into a creditors' winding up on 11 August 2020 at the
instigation of its shareholder following a recommendation from the
directors, with an estimated GBP377,570,749 of outstanding
creditors. The company remains in liquidation and Mr Ford has
received no further information from the liquidators, nor seen any
further statement of affairs published, and is thus unaware of the
total amount outstanding to creditors.
(4) On 03 November 2011, Mr Ford was appointed as a Director of
Intu Management Services Ltd . The company went into administration
at the instigation of its directors on 26 June 2020. The company
remains in administration with GBP152,544 of preferred creditors
and GBP6,155,000 of unsecured creditors, according to the
administrator's progress report dated 23 January 2023. The report
states that the administrators' latest indicative estimates are for
preferred creditors to be paid in full and that unsecured creditors
may ultimately receive a return of 6.9 pence in the pound.
(5) On 03 November 2011, Mr Ford was appointed as a Director of
Intu Shopping Centres Plc . The company went into administration at
the instigation of its directors on 26 June 2020. Receivers were
also appointed on 18 November 2020 in respect of charges over
shares in certain subsidiaries of the company at the instigation of
creditors of those subsidiaries. The company remains in
administration with GBP31,597,000 of unsecured creditors, according
to the administrator's progress report dated 23 January 2023. The
report states that unsecured creditors have received an interim
distribution of 50 pence in the pound and the administrators'
latest indicative estimate is that unsecured creditors may
ultimately receive a return of up to 100 pence in the pound. The
company's liability to its secured creditors is limited to the
shares of its subsidiaries which are the subject of the
security.
(6) On 12 March 2013, Mr Ford was appointed as a Director of
Liberty International Group Treasury Ltd . The company went into
administration at the instigation of its directors on 26 June 2020.
The company remains in administration with GBP2,925,971,000 of
unsecured creditors, according to the administrator's progress
report dated 23 January 2023. The report states that creditors have
received an interim distribution of 1.3 pence in the pound and the
administrators' latest indicative estimate is for unsecured
creditors to receive a return of up to 2.8 pence in the pound.
After the administration began, receivers were appointed at the
instigation of creditors of other Intu group companies in respect
of charges over certain assets of the company but all have now
ceased to act.
(7) Mr Ford was a Director of Barton Square Holdco Ltd from 6
September 2013 until 15 April 2020 . Receivers were appointed on 8
April 2021 in respect of a charge over shares in a subsidiary of
the company at the instigation of creditors of that subsidiary. The
receivers ceased to act on 28 October 2021 and the company was
dissolved through voluntary strike off on 1 March 2022.
(8) Mr Ford was a Director of Broadway Retail Leisure Ltd from 3
November 2011 until 15 April 2020 . The company went into creditors
voluntary liquidation at the instigation of its creditors on 25
November 2020. The company remains in liquidation with
GBP17,234,747 of unsecured creditors, according to the
administrator's progress report dated 20 January 2023. The report
states that an interim dividend of 2.24 pence in the pound was
declared on 1 September 2022 and paid thereafter and the
administrators' latest indicative estimate is that unsecured
creditors may receive a small final dividend but they have yet to
determine the amount.
(9) Mr Ford was a Director of Intu Payments Ltd from 3 November
2011 until 15 April 2020 . Between 9 December 2020 and 4 August
2021, receivers were appointed at the instigation of creditors of
other Intu group companies in respect of charges over certain
assets of the company but all have now ceased to act. The company
went into creditors voluntary liquidation at the instigation of its
creditors on 26 October 2021. The company remains in liquidation
with GBP2,906,830 of unsecured creditors, according to the
administrator's progress report dated 14 December 2022. The report
states that the administrators are not aware of any secured
creditors and anticipate unsecured creditors will receive a
dividend but the quantum and timing is not yet known.
(10) Mr Ford was a Director of Liberty International Holdings
Ltd from 20 March 2014 until 15 April 2020 . The company went into
administration at the instigation of its directors on 26 June 2020.
The company remains in administration with GBP111,391,000 of
unsecured creditors, according to the administrator's progress
report dated 23 January 2023. The report states that creditors have
received an interim distribution of 4.4 pence in the pound and the
administrators' latest indicative estimate is that unsecured
creditors may ultimately receive a total return of up to 15.1 pence
in the pound. After the administration began, receivers were also
appointed in respect of charges over shares in certain subsidiaries
of the company at the instigation of creditors of those
subsidiaries but all have now ceased to act. The administrators do
not anticipate any distributions to secured creditors.
(11) On 24 April 2015, Mr Ford was appointed as a Director of
Merry Hill Finance DAC (incorporated in the Republic of Ireland).
The company went into members' voluntary liquidation at the
instigation of its shareholders on 18 December 2017, following a
declaration of solvency and recommendation from the directors. The
company was dissolved on 16 December 2021 following distribution of
its remaining assets to members.
(12) Mr Ford was a Director of Metropolitan Uxbridge Limited
(previously Intu Uxbridge Limited, incorporated in Jersey) from 3
November 2011 until 20 June 2014 . The company owned the Intu
Uxbridge shopping centre and Mr Ford resigned following the sale of
the company to a joint venture Jersey unit trust in which the Intu
group retained a 20% interest. The company subsequently went into
liquidation as part of a simplification of the holding structure
for the shopping centre asset by the joint venture partners. Mr
Ford does not have access to information regarding the liquidation
but is aware that the company was dissolved on 16 December
2015.
Ross Peter Owen
Ross Peter Owen, age 58, is or has during the last five years
been a director or partner of the following companies and
partnerships:
Current directorships/partnerships
Cityblock (Reading) Ltd
Cityblock (Gillows) Ltd
Cityblock (Lancaster 6) Ltd
CLLP Realisations LLP (formerly Cluttons LLP)*
Cowes Town Waterfront Trust Ltd
Past directorships/partnerships in the last five years
Cluttons Investment Management (UK) LLP
Kingston Upon Thames Investment Ltd
Lambert Smith Hampton Investment Management Ltd
*Mr Owen is an LLP Member of CLLP Realisations LLP, which
was put into administration in April 2017 and subsequently
moved to a creditors voluntary liquidation in January
2018. The process is still ongoing with the latest statement
of receipts and payments, filed by the liquidators for
the period 12 January 2022 to 11 January 2023. This reports
that the agreed claims total GBP119.6m, which predominantly
relates to the Pension Protection Fund in respect of
the company's pension deficit. Since 28 April 2017 there
have been GBP7.9 million of assets realised and GBP0.4k
of costs incurred, with interim distributions declared
and paid to unsecured creditors totalling GBP7.3m, and
a cash balance held of GBP0.2m. Any final distribution
to unsecured creditors is likely to be modest and its
timing is uncertain.
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END
BOANKBBPKBKDONB
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