Ashley House PLC Change of Chief Executive and AGM Statement (8214U)
October 21 2014 - 2:00AM
UK Regulatory
TIDMASH
RNS Number : 8214U
Ashley House PLC
21 October 2014
21 October 2014
Ashley House plc
Change of Chief Executive and AGM Statement
Ashley House plc ("Ashley House" or the "Company") the health
and community care property partner will today hold its Annual
General Meeting (AGM) and advises a change in the roles of the
Executive Directors.
At the AGM Christopher Lyons, Chairman, will make the following
statement:
"The activity of the Company is now beginning to escalate and
with the pipeline growing, the Board has reviewed the deployment of
its senior resources. In order to best deliver the opportunities we
are creating, the Board has agreed that Jonathan Holmes should
assume the new position of Commercial Director to focus on the
generation and commercial delivery of the Company's schemes.
Antony Walters, currently Finance Director will become Chief
Executive with immediate effect. Antony successfully led Sapphire
Primary Care Developments as Managing Director until its sale to
Ashley House in 2009. Antony and Jonathan will continue to run the
business with support from the Non-executive directors and the
senior team.
Further to my update last month given with the preliminary
statements, the Company continues to make progress in the
development of the Extra Care schemes. We now have planning
approval, or planning applications in process for in excess of 450
new homes which, when they are all built out will amount to around
GBP60m of revenue. We expect these numbers to increase as our
growing pipeline of schemes progress through the design
process.
We announced in September that we had signed a Memorandum of
Understanding with a major UK investment fund manager to provide
the funding to secure this delivery and work continues apace on
this and other funding streams. Whilst as anticipated the half year
of 31 October will show an EBITDA loss, once the funding has been
secured, the Board remains confident of the delivery of the full
year's results in line with market expectations, and the future
looks promising."
Enquiries:
Ashley House plc 01628 600 340
Antony Walters
Jonathan Holmes
WH Ireland Ltd. 0207 220 1666
(Nominated Adviser and broker to Ashley House plc)
Adrian Hadden
Mark Leonard
This information is provided by RNS
The company news service from the London Stock Exchange
END
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