RNS Number : 0364G
Alternative Income REIT PLC
10 November 2022
 


THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

 

10 November 2022

Alternative Income REIT plc

(the "Company" or the "Group")

DIRECTORATE CHANGES

 

The Board announces that Alan Sippetts will resign as a Director and Chairman of the Company on 30 November 2022. Alan's intention to step down was previously announced in the Company's annual results.  

 

The Board is pleased to announce the appointment of Simon Bennett as an Independent non-executive Director and Chair-Designate with immediate effect. This appointment was facilitated by independent recruitment consultants. Simon will be appointed as Chairman on 30 November 2022.  

 

Simon will also be appointed as a member of the Audit Committee and the Management Engagement Committee.

 

Simon is a chartered accountant with extensive experience of providing strategic, financial and other advice to growing companies. He has worked for a number of the world's largest banks and has wide-ranging experience of both the international debt and equity markets. He was Head of Corporate Finance and Head of mid and small caps teams at Credit Lyonnais Securities (now Credit Agricole), as well as head of Corporate Broking at Fairfax IS plc and Sanlam Securities.

 

Simon is currently non-executive Chair of Inland Homes Plc, the AIM-listed specialist housebuilder and brownfield site developer. In addition, he is Chair of Drumz plc, the AIM-listed technology investment company, where he is Chair of the Audit Committee and is a Non-executive Director of Kwalee Ltd, the developer and publisher of games for digital distribution, where he is also Chair of the Audit Committee. Simon is the principal partner of Incremental Capital LLP, which he founded in 2004 to provide corporate finance advice to mid and small cap and growing companies.

 

Simon does not own any shares in the Company.

 

No further information is required to be disclosed pursuant to Listing Rule 9.6.13R.

 

Alan Sippetts, Non-Executive Chairman of Alternative Income REIT plc, comments:

"The Board are pleased to welcome Simon and I have every confidence in his ability as my successor. He brings extensive experience as a non-executive director and chairman, as well as investment and capital market knowledge."

 

Stephanie Eastment, Non-Executive Independent Director of Alternative Income REIT plc, comments:  

 

"I would like to thank to Alan for his significant contribution to the Company and he will depart the business with our best wishes. During his tenure as Chairman, the Company has focused on delivering long-term shareholder value and generating an increasing dividend which is fully covered, these fundamentals will continue to be paramount to the Board."

 

ENQUIRIES



Panmure Gordon (UK) Limited

+44 (0)20 7886 2500

Alex Collins


Tom Scrivens


Chloe Ponsonby




H/Advisors Maitland (Communications Adviser)

+44(0) 7747 113 930

James Benjamin

Aire-maitland@h-advisors.global

 

The Company's LEI is 213800MPBIJS12Q88F71.

 

Further information on Alternative Income REIT plc is available at www.alternativeincomereit.com1

 

NOTES

Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain index linked rent review provisions.

 

The Company's investment adviser is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. It has over 225 employees in 15 countries across Europe. The team manages over 580 properties with a value of circa €5.8 billion.

1    Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published on a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.


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