Result of EGM

RNS Number : 0611G

Sirius Real Estate Limited

01 May 2014

 



Sirius Real Estate Limited

("Sirius" or the "Company" or the "Group")

Result of EGM

Migration of Tax Residence to UK and Board Changes

Sirius Real Estate, the leading operator of branded business parks providing flexible workspace to the German SME market, is pleased to announce that all resolutions proposed at the Company's Extraordinary General Meeting held today were passed.

Consequently, the Company will relocate its tax residence from Guernsey to the United Kingdom [with immediate effect]. Although the Company will continue to be a limited company registered in Guernsey, the migration in tax residence to the UK will enable the Company to take advantage of recent reforms of the UK tax regime and allow future Board appointments to be made irrespective of their residence. Migration will also allow the Company to hold Board and Shareholder meetings in the UK.

The Board is also pleased to announce the appointment of Andrew Coombs as Chief Executive Officer and Alistair Marks as Chief Financial Officer of the Company with immediate effect. Andrew and Alistair have for the past 4 and 7 years respectively been Chief Executive Officer and Chief Financial Officer of the Company's property management subsidiary Sirius Facilities GmbH.

Andrew, aged 49, joined the then external asset manager of Sirius in January 2010 and remained with the Group following the management internalisation in January 2012.  Previously he was UK Sales Director of Regus and before then he was Director of and General Manager of MWB Business Exchange. Andrew has been at the forefront of the Company's turnaround which has included overseeing the Company's non-core asset disposal programme and the recent debt restructuring and refinancing which has placed the Company in a very substantially improved position. He can also take credit for the transformation of Sirius's sales platform since he joined.  Andrew has an interest in 1,897,740 ordinary shares of the Company representing 0.37% of the total voting rights.

Alistair, aged 45, joined the then external asset manager of Sirius in 2007 from MWB Business Exchange, at the time of the IPO on AIM and remained with the Group following the management internalisation in January 2012. Prior to MWB Business Exchange Alistair held financial roles with BBA Group Plc. Alistair has been responsible alongside Andrew for the Company's recent successful debt restructuring and refinancing which saw all borrowings fully refinanced. He has also overseen the substantial improvement in the Group's service charge and bad debt recovery as well as material reductions in overhead costs across the business over the last 4 years. Alistair has an interest in 1,800,143 ordinary shares of the Company representing 0.35% of the total voting rights.

The Company also announces that Ian Clarke will be stepping down from the Board as from today. Ian is a Guernsey based Non Executive Director of the Company and first joined Sirius in 2011 and will take up a position as a Director of a new Guernsey subsidiary of Sirius being formed as part of the migration.  The Board has commenced a search for a replacement Non Executive Director.

Robert Sinclair, Chairman of Sirius, said, "I would like to thank Ian for his significant contribution to the Company over the last 3 years.  He has been a valued colleague on the Sirius Board and we look forward to our new relationship with him as a director of the Company's new subsidiary. 

The resolutions proposed and accepted by shareholders today are logical steps for the Company to take. The previous relative advantages of Guernsey tax residence no longer apply and thus moving to the UK is clearly to the Company's benefit.

The appointment of Andrew and Alistair recognises they have done a great job for the Group and their importance to the continued development of Sirius. The Board looks forward to continuing to grow the business together."

Enquiries:

Sirius Real Estate                         

Andrew Coombs, CEO                                                                          [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                             [phone]

Hugh Preston

Novella                                     

Tim Robertson                                                                                       [phone]

Ben Heath        

Further information:

Additional information relating to Andrew Coombs:

Andrew is currently a director or partner in the following companies/partnerships:

Sirius Facilities GmbH

DDS Conferencing & Catering GmbH

Curris Facilities & Utilities Management GmbH

Sirius Management One GmbH

Sirius Management Two GmbH

Sirius Facilities UK Limited

LB2 Catering and Services GmbH

SFG Nova Construction and Services GmbH

Dynamo Serve Ltd

Officebroker.com Ltd

Official Space Ltd

Additional information relating to Alistair Marks:

Alistair is currently a director or partner in the following companies/partnerships:

Sirius Facilities GmbH

DDS Conferencing & Catering GmbH

Curris Facilities & Utilities Management GmbH

Sirius Management One GmbH

Sirius Management Two GmbH

Sirius Facilities UK Limited

LB2 Catering and Services GmbH

SFG Nova Construction and Services GmbH

Labiente Limited

Mabiente Limited

No further disclosure is required under Paragraph (g) to Schedule Two of the AIM Rules with respect to of Andrew Coombs and Alistair Marks.

 

END

 

 

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