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HOSPITALITY PROPERTY FUND LIMITED - Dismissal of chief executive officer

Release Date: 22/06/2015 16:50
Code(s): HPA HPB     PDF:  
Wrap Text
Dismissal of chief executive officer

HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A linked units: HPA
ISIN for A linked units: ZAE000076790
Share code of B linked units: HPB
ISIN for B linked units: ZAE000076808
(“the Company”)

DISMISSAL OF CHIEF EXECUTIVE OFFICER

Further to the announcement released on the Stock Exchange News
Service on Monday, 25 May 2015, unitholders are advised that the
Chief Executive Officer (“CEO”), Mr Andrew Rogers has resigned
as a director, and has been dismissed with immediate effect.

Following the outcome of a forensic investigation and a
subsequent disciplinary hearing (“the hearing”), where various
charges of misconduct were brought against Mr Rogers by the
Company, the independent Chairman who presided over the hearing
found that Mr Rogers had breached his fiduciary duty of good
faith to the Company, failed to disclose related party interests
in contracts and was involved in procurement irregularities.
This has led to the irretrievable breakdown in trust between the
Company and Mr Rogers.

The Board has agreed to follow the recommendation of dismissal
made by the Chairman.

Unitholders are advised that the misconduct did not result in a
direct known financial loss to the Company. However, an
indirect negative impact was felt as a result of the
uncertainties created during the suspension period as well as
the costs of the investigation.

Mr Ridwaan Asmal will continue to fulfil the role of Acting CEO,
until Mr Gerald Nelson, currently a Non-Executive Director of
the Board and past CEO of the Company, assumes the role of
Acting CEO as a temporary measure on 12 August 2015, or until a
suitable candidate is found to fill this vacancy.


Johannesburg
22 June 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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