Changes to Board Committees

RNS Number : 8551F

Globalworth Real Estate Inv Ltd

31 October 2018

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.

31 October 2018

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Changes to Board Committees

The Board of Globalworth is pleased to announce a series of changes to the Company's Board committee structure, consistent with its ongoing growth and commitment to high corporate governance standards. 

Firstly, the Board has introduced a nomination committee, a function that was previously undertaken by the Board as a whole.   Secondly, the Board has divided the previous remit of the existing audit and risk committee into separate audit and risk committees.  In addition, further changes to the roles of its independent non-executive directors in various committees have been made.  These changes, all with effect from 1 November, are summarised below:

·    The newly formed nomination committee is chaired by Geoff Miller (Chairman of Globalworth), the other members being Eli Alroy and Peter Fechter.

·   The newly formed risk committee is chaired by Andreea Petreanu (Non-Executive Director), the other members being Geoff Miller, Richard van Vliet and John Whittle. Andreea Petreanu has 18 years' experience in risk management and is currently Head of Credit Risk Management at Mizuho International in London.

·    Bruce Buck (Non-Executive Director) succeeds Geoff Miller as chairman of the remuneration committee, Peter Fechter and Eli Alroy remaining as the other members.

·    The composition of the audit committee is unchanged and comprises John Whittle (Non-Executive Director and Chairman of the Audit Committee), Andreea Petreanu and Richard van Vliet.

·   The composition of the investment committee is also unchanged and comprises Eli Alroy (Non-Executive Director and Chairman of Investment Committee), Ioannis Papalekas, Dimitris Raptis, Norbert Sasse and George Muchanya.

Geoff Miller, Chairman of the Board, Globalworth, commented: "I am delighted to enhance our Board structure to ensure that we continue to maintain high corporate governance standards and decision making, and an oversight that is consistent with both the strong growth trajectory of the Company and the UK Corporate Governance Code."

Details of the formal duties and responsibilities of each committee are set out in its respective terms of reference, all of which are available on the Company's website.

For further information visit www.globalworth.com or contact: 

Enquiries

Andrew Cox                                                                                                                 Tel: [phone]

Head of Investor Relations & Corporate Development  

Jefferies (Joint Broker)                                                                                               Tel: [phone]

Stuart Klein

Panmure Gordon (Nominated Adviser and Joint Broker)                                    Tel: [phone]

Andrew Potts

Milbourne (Public Relations)                                                                                    Tel: [phone]

Tim Draper

About Globalworth / Note to Editors: 

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange.  It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland, where the Company has a majority shareholding in Globalworth Poland, a pure-play Polish real estate platform listed on the Warsaw Stock Exchange.

Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 170 professionals across Romania and Poland, the combined value of its portfolio is in excess of €2 billion, as at 30 June 2018. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 510 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

IMPORTANT NOTICE:  This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.  This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

 

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