Empiric Student Property PLC Board Changes (0590Z)
December 12 2017 - 2:01AM
UK Regulatory
TIDMESP
RNS Number : 0590Z
Empiric Student Property PLC
12 December 2017
12 December 2017
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Board Changes
The Board of Empiric Student Property plc (the "Board") (ticker:
ESP), the owner and operator of premium student accommodation
across the UK, announces that Paul Hadaway, the Company's Chief
Executive Officer, has received notice to terminate his employment
with the Company. Accordingly, Mr Hadaway has ceased to be a
Director of the Company with immediate effect.
Tim Attlee, co-founder and Chief Investment Officer, has agreed
to assume the additional role of acting Chief Executive. Mr Attlee
will work alongside Lynne Fennah, Chief Financial Officer, who has
significant expertise in real estate and specific knowledge of the
hospitality sector, and together they will ensure the Company
remains fully focused on continuing to deliver the significant
financial and operational improvements and cost savings arising
from the Company's business review as outlined in the announcement
by the Company on 23 November 2017.
Baroness Dean, Chairman of Empiric Student Property plc,
commented:
"The Board is confident that Empiric will continue to deliver on
its operational efficiencies under Tim Attlee as acting CEO and
Lynne Fennah as CFO, together leading the executive and operational
teams. They have a deep knowledge of Empiric's business and
operations and have led on shaping and implementing its strategies.
They are already implementing significant financial and operational
improvements and cost savings arising from the Company Business
Review, which the Board expects will deliver growth in operating
margin, dividend cover and total shareholder return through 2018
and beyond.
The Board acknowledges and thanks Mr Hadaway for his significant
contribution to the business and wishes him well for the
future."
There is no information to be disclosed pursuant to
LR9.6.13R.
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Brenda Dean (Chairman)
Tim Attlee (acting Chief Executive)
Lynne Fennah (Chief Financial
Officer)
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited Tel: 020 7029 8000
(Joint Financial Adviser and
Broker)
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Anna Geffert
Lydia Thompson
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk.
The Company's LEI is 213800FPF38IBPRFPU87.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, direct-let, nominated or leased student accommodation
across the UK. Investing in both operating and development assets,
Empiric is a multi-niche student property company focused on, (i)
providing good quality first year accommodation managed through its
Hello Student(R) operating platform in partnership with
universities, (ii) offering a variety of second and third year
purpose built accommodation options for individual students and
those wanting a group living environment, and (iii) continuing to
expand the Group's existing premium, studio-led accommodation
portfolio which is attractive to international and postgraduate
students.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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