Appointment of Additional Non-Executive Directors

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 9246X Globalworth Real Estate Inv Ltd 27 February 2017  \n\n27 February 2017\n[THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION]\nGlobalworth Real Estate Investments Limited\nAppointment of Additional Non-Executive Directors and Board Committee Changes\nGlobalworth Real Estate Investments Limited (AIM: GWI) (\"Globalworth\" or \"the Company\"), the real estate investment company targeting opportunities in Romania and the broader SEE and CEE regions,  announces the appointment today of four additional non-executive directors and a number of changes to its committees.\nThree of the appointments are made pursuant to the new articles of association which provide that Growthpoint Properties Limited (\"GRT\") is entitled to appoint a non-executive director for every 8% of the issued share capital of the Company held by it.  The three non-executive directors, whose appointments will take immediate effect, are Norbert Sasse, Peter Fechter and George Muchanya.\nThe fourth appointment is made pursuant to GRT's right, also set out in the articles, to nominate one of the Guernsey resident directors.  This appointment, which has been approved by the Board, is in addition to the two non-executive directors of the Company already resident in Guernsey. This director, whose appointment will take immediate effect, is Richard van Vliet. Mr van Vliet is independent within the meaning of the UK Corporate Governance Code.\nThe board has also resolved to make a number of changes to its committee memberships, with immediate effect, as follows:\n·     Peter Fechter will join the remuneration committee, John Whittle will step down as Chair (and as a member) with Geoff Miller succeeding him as Chair, and Eli Alroy remaining on the committee;\n \n·     Richard van Vliet will join the audit committee, Geoff Miller will step down, John Whittle will remain as Chair with Andreea Petreanu also remaining on the committee;\n \n·     The newly formed investment committee will be made up of: Norbert Sasse and George Muchanya, as GRT's nominees; Ioannis Papalekas and Dimitris Raptis, the Company's executive directors; and Eli Alroy, independent non-executive director, who will also act as Chair.  \nThe investment committee has been established to consider an...

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