MountainPeak Trading Limited
MountainPeak: MountainPeak endorses conwert’s new Administrative Board
MountainPeak / Key word(s): Letter of Intent MountainPeak endorses conwert’s new Administrative Board – MountainPeak welcomes the appointment of real estate experts Prof Barry Gilbertson and Dr Phillip Burns to the Administrative Board of conwert – MountainPeak expects these appointments to herald a new era and break from the troubled past – MountainPeak reaffirms its preferred strategy that focuses on supporting conwert in its future growth and increasing value for all conwert shareholders
London, 8 June 2015 – As the largest shareholder of conwert Immobilien Invest SE (“conwert”), MountainPeak Trading Limited (“MountainPeak”) welcomes the appointment of the two highly regarded real estate experts, Prof Barry Gilbertson and Dr Phillip Burns to the Administrative Board of conwert during the company’s 14th Annual General Meeting on 5 June 2015. Prof Gilbertson and Dr Burns bring to the conwert Administrative Board a wealth and depth of real estate expertise, both Austrian and German property market and capital markets knowledge, as well as long-standing business restructuring skills and public company board experience. This marks a fresh start and a new era breaking from the former disputes between different interest groups while establishing best practice corporate governance for the benefit of all shareholders. One of the first tasks for the Administrative Board will be to strengthen the management team via the appointment of a new strong Executive Director. MountainPeak would consider Ben Lehrecke as an ideal candidate with all the requisite property and financing expertise as well as energy to drive conwert forward. MountainPeak believes that conwert’s Executive Board should be able to concentrate on stabilising the company in its day-to-day business operations, thus rebuilding confidence of all stakeholders, from shareholders, financiers, directors and staff through to tenants and the capital market. conwert’s Executive Board and Administrative Board need a clearly and jointly defined strategy that focuses on unlocking conwert’s true potential and hidden value. MountainPeak will support the implementation of such a strategy that will increase value for all conwert shareholders. In MountainPeak’s view, this strategy may include optimising conwert’s capital structure and cost of funding, improving operating efficiency, streamlining the portfolio structure whilst looking for growth opportunities and adhering to strong corporate governance and transparent reporting. Once approved by the Administrative Board, conwert’s proposed strategy should be shared with the market, together with the implementation plan and timescales for achievement.
MountainPeak Trading Limited is part of the Teddy Sagi Group (“Group”). The group is headed by Teddy Sagi, an experienced Israeli business founder, technology and real estate entrepreneur. Teddy Sagi’s operations encompass international property assets, online infrastructure, software and digital advertising, global foreign exchange trading technology and online payment provision, and employ thousands of people across the globe. The value of the Teddy Sagi Group currently exceeds EUR4.3bn. The Teddy Sagi Group has a long track record in the real estate sector in the UK, Germany and other markets. The Group has a proven reputation of building and growing platforms and creating value through supporting the implementation of a clear strategy for the companies the Group invests in. Major public holdings include Playtech plc, a leader in gaming software, with a £2.5bn market cap today which has generated total shareholder value of over 350% since IPO in March 2006. Safecharge International Plc, a payment service business which has generated a shareholder return in excess of 69% since listing in April 2014. In the UK, the Group’s most significant asset is an 87 percent shareholding in MarketTech Holdings plc, the owner of landmark Camden properties, which was floated on 22 December 2014 at an offering price of 200p before climbing to over 270p in under 6 months and has generated a total shareholder return of 36%. Market Tech Holdings plc’s current market cap is circa £1bn. In Germany, the Group founded, held and sold majority stakes in Grand City Properties listed on the Frankfurt Stock Exchange, ultimately leading to the foundation of the Grand City Hotels chain. The total shareholder return Grand City Properties has generated since IPO on 29 May 2012 is 441%. On 12 May 2015, at the London Park Lane Hilton, Mr Sagi was honoured with the prestigious award of Entrepreneur of The Year at the renowned Variety Club Props Award, recognising his contribution to the global real estate industry.
Hedan Orenstein +972 3 6081525 hedan@rcspr.co.il
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