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Martprop Property Fund - Welcomes new Directors
Martprop Property Fund
("Martprop")
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Marriott Property
Fund Managers Limited (Registration number 1994/009895/06)
JSE Share code: MTP & ISIN: ZAE000037271
MARTPROP WELCOMES NEW DIRECTORS
Martprop Property Fund wishes to announce the resignation of three directors
from the Board of Marriott Property Fund Managers Limited, the management
company of the Fund, with effect from 7 July 2006.
Following the effective transfer of ownership of the management company from the
Marriott Group to Old Mutual Property Group, Tony Ardington and Mick Hyatt and
their alternate, Mike Mun-Gavin, have been replaced by Ben Kodisang, Colin Young
and Michael Anderson, respectively, as non-executive directors.
Martprop MD, Roger Perkin has paid tribute to the three directors who have
resigned.
"The three outgoing directors have all been instrumental in the growth of
Martprop and were the driving force behind the initial assembly and listing of
the five funds which ultimately merged in 1998 to form Martprop" said Perkin.
Their vision, going back to 1983 with the listing of Umdoni Property Fund, was
remarkable if one considers how the sector and the listed property industry has
matured since then. They can truly be labelled as pioneers, as at the time of
those listings the legislative and investment framework within which they had to
operate didn"t make it very easy for a small, private property management
business in Durban to list a property fund."
The incoming directors have a wealth of real estate experience and knowledge to
draw on. "This is an exciting step in the context of the Fund"s vision and
growth strategy and will send a strong message to the market that Old Mutual
Property Group has every intention of using its influence to grow the Fund" says
Perkin. Martprop has long been known for the quality of its industrial
portfolio and the strength of management in this regard will be complemented by
the retail skills and expertise that the Old Mutual Property Group brings to
Martprop.
12 July 2006
Date: 12/07/2006 10:23:03 AM Produced by the JSE SENS Department
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