| Mon 19 Jul 2004, 16:12 | | IFour Properties Limited - iFour appoints new CEO |
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IFour Properties Limited - iFour appoints new CEO
iFOUR PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/016118/06)
Share code: IFR ISIN: ZAE000039236
(`iFour`)
iFour appoints new CEO
Property loan stock company iFour is pleased to announce that James Nunes,
currently iFour`s Financial Director, will take over the position of CEO from
Anthony Diepenbroek who remains on the board of iFour and takes on a new role at
Pangbourne.
Diepenbroek and Nunes were responsible for the successful listing of iFour in
June 2002. Nunes`s focus has been on the management of the properties as well as
on iFour`s asset management - vital roles which he will continue to fulfil when
taking over the reins as CEO.
According to him, iFour outsources its property management, financial
administration and company secretarial functions. `If the maximum value is to be
created for unit holders, outsourcing these functions helps us have a dedicated
focus on asset management which entails the strategic purchase and sale of
properties,` said Nunes.
iFour Chairman, Tony Richards, commented that management has grown the portfolio
to R1, 9 billion over the past two years.
`The company`s growth has been exceptional, with distributions delivered to
investors as promised,` he said. `With 14 years` experience as an executive
director of listed property companies, Rand Mines Properties - of which listed
Barprop was a subsidiary - IProp and iFour, Nunes is ideally suited to take the
company forward.`
According to Richards, iFour`s strategic vision of providing a sustainable
growth in distributions to linked unitholders from a portfolio of quality
properties will remain unchanged.
Anthony Diepenbroek remains on the board of iFour in a non-executive capacity
and has moved to Pangbourne Properties Ltd where he will be responsible for
strategic operations and asset management. He will play a significant role in
Pangbourne`s investment drive into diversified specialised property portfolios
such as its investment in iFour.
`After his success at iFour, Diepenbroek`s shift to become part of the team
that will drive Pangbourne`s expansion strategy forward represents a tremendous
new challenge for him,` commented Pangbourne CEO, Athol Campbell.
`Both companies are set to gain significantly from this development.`
Ends
19 July 2004
Issued on behalf of iFour
Contact: Anthony Diepenbroek, CEO
Tel: (011) 889 8700 or 083 258 8219
For further information, please contact Corporate Communications Consultants
Contact: Debbie Brewitt
Tel: (011) 783 8926 or 084 616 7000
About iFour
iFour is a property investment company, which listed on the JSE on 10 June 2002.
Its diversified portfolio of commercial, retail and office properties was valued
at R1, 4 billion in December 2003.
The company`s assets are spread over four provinces - Gauteng, the Western Cape,
KwaZulu Natal and the Free State. Pangbourne owns a 48% stake in iFour, and
also conducts the company`s property management.
iFour`s vision is provide a sustainable growth in distribution to its linked
unit holders by maintaining a quality portfolio of properties with a good lease
expiry profile.
In order to offer linked unit holders the benefits of economies of scale and
liquidity, active asset management and growth remain key objectives.
iFour combines innovation, quality and service integrity to provide investors
with the opportunity to participate in a well structured, professionally
managed, property investment portfolio that yields sustainable returns.
About Pangbourne
Pangbourne was the first property investment company to use the loan stock
structure of variable debenture equity financing. The first loan stock company
to be listed on the JSE in 1987 with income earning assets of R146 million, it
continued to set the pace by taking its property management in-house and also
became the first to take over another listed loan stock.
Pangbourne`s vision is to create a property company that can produce sustainable
growth in total returns to investors over the long term. This will be achieved
in part by capitalising on the management expertise and experience gained over
the years by expanding its property management activities.
Pangbourne`s market capitalisation has increased from R250 million in 1998 to
the current level of R1, 3 billion. Total return to unit holders of 34% per
annum over the past 5 years is well ahead of the JSE ALSI. Core to these
achievements was the decision to change to own management of the properties,
which effectively aligns management`s objectives with those of unit holders.
Date: 19/07/2004 03:55:06 PM Produced by the JSE SENS Department
