REG - Wynnstay Properties - Board Changes

Wynnstay PropertiesAnnouncement

22/03/2023 11:00

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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)

 Hugh Morgan, Chris Hardie, Sarah Mather   Tel: 020 7220 1666

LEI number: 2138006MASI24JYW5076

For more information on Wynnstay visit: www.wynnstayproperties.co.uk
(http://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 Jersey)       Intu MH Properties Ltd

 Braehead Glasgow Ltd                       Intu MH Waterfront Ltd

 Braehead Park Estates Ltd                  Intu MHDS Holdco Ltd

 Braehead Park Investments Ltd              Intu Milton Keynes Ltd

 Broadway Retail Leisure Ltd # (8)          Intu Nottingham Investments Ltd # (1)

 Cable Plaza Ltd                            Intu Payments Ltd #(9)

 Castle & Pedmore Houses Ltd                Intu Property Management Ltd

 Chapelfield LP Ltd                         Intu Shelfco 3 Plc

 Chapelfield Property Management Ltd        Intu Spain Ltd

 Crossmane Ltd                              Intu The Hayes Ltd

 CSC Uxbridge Ltd                           Intu Trafford Centre Ltd

 Curley Ltd (incorporated in Jersey)        Intu Watford Holdco Ltd

 Intu (SGS) Topco Ltd                       Intu Watford Property Management Ltd

 Intu Braehead Property Management Ltd      Lakeside Centre Ltd

 Intu Cardiff Ltd                           Liberty International Holdings Ltd # (10)

 Intu Centaurus Retail Ltd                  Merry Hill Finance DAC #  (11) (incorporated in the Republic of Ireland)

 Intu Chapelfield Ltd                       Merry Hill Management Services Ltd

 Intu Debenture Plc                         Merry Hill Services Ltd

 Intu Experiences Ltd                       Merry Hill Trading Ltd

 Intu Finance MH Ltd                        Metrocentre Parent Company Ltd

 Intu India (Direct) Ltd                    Metropolitan Uxbridge Ltd  (formerly Intu Uxbridge Ltd) # (12) (incorporated

                                          in Jersey)
 Intu India (Portfolio) Ltd

                                          SGS 2020 Ltd
 Intu Investments Ltd

                                          SGS Finco Ltd
 Intu Lakeside Hotel Ltd

                                          SGS Holdco Ltd
 Intu Lakeside Property Management Ltd

                                          The Trafford Centre Ltd
 Intu Metrocentre Property Management Ltd

                                          Trafford Centre Group (UK) Ltd
 Intu Metrocentre Topco Ltd

                                          Trafford Palazzo Ltd
 Intu MH Acquisitions Ltd

                                          VCP (GP) Ltd
 Intu MH Group Ltd

                                          VCP Nominees No1 Ltd
 Intu MH Holdings Ltd

                                          VCP Nominees No2 Ltd
 Intu MH Investments Ltd

                                          Victoria Centre Nottingham Ltd
 Intu MH Leaseholds 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 £11.8m secured creditors
and £4.5m unsecured creditors and INIL had in excess of £99m 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 £377,570,749 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 £152,544 of preferred creditors and £6,155,000 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 £31,597,000 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 £2,925,971,000 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 £17,234,747 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 £2,906,830 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 £111,391,000 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
 £119.6m, which predominantly relates to the Pension Protection Fund in
 respect of the company's pension deficit. Since 28 April 2017 there have been
 £7.9 million of assets realised and £0.4k of costs incurred, with interim
 distributions declared and paid to unsecured creditors totalling  £7.3m, and
 a cash balance held of £0.2m. Any final distribution to unsecured creditors
 is likely to be modest and its timing is uncertain.

 

 

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