Oct 24, 2007:
CAPITAL Property Fund, which is part of the Resilient Group stable of listed property funds, has announced that Barry Stuhler has resigned as MD of the listed property unit trust.
Stuhler, who will remain on the board of Capital as a “nonindependent, nonexecutive director”, says the intention is that he will “focus” on the restructuring of the Pangbourne group.
Capital announced that Andrew Teixeira, who was appointed to the board on July 18 as an executive director, would assume the responsibilities of MD for Capital. These changes will be effective from November 1 this year.
On Wednesday last week it was announced that Stuhler, along with Des De Beer, MD of Resilient Property Income Fund, and Jacques van Wyk, financial director of Diversified Property Fund, had been appointed to the Pangbourne board as nonexecutive directors.
At the same time it was announced that Pangbourne Properties and the Resilient Group stable of companies, which include Resilient, Diversified and Capital, had reached a compromise agreement that had resulted in the reconstitution of the Pangbourne board.
Last month Resilient and its sister company, Diversified, acquired an effective 13% interest in the JSE-listed Pangbourne Properties in a move which was described at the time by Pangbourne CEO Craig Hutchison as a “hostile attempt to take over the company by stealth”.
However, Resilient’s De Beer said that the Resilient stable of listed property funds did not intend making an offer for Pangbourne. He said Resilient and Diversified “saw value in the Pangbourne portfolio” and wanted to supplement Pangbourne with “heavyweight property skills”.
To this end, Resilient and Diversified got Pangbourne to convene a meeting of Pangbourne unitholders for the purposes of voting for changes to the board.
De Beer and Hutchison said last Wednesday, however, that the general meeting sought for Friday next week had been cancelled.
This was in the wake of talks between Pangbourne and the Resilient stable, which led to agreement on how the Pangbourne board would be constituted.