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MAS PLC - Changes to the board of directors and appointment of company secretary

Release Date: 06/12/2021 17:32
Code(s): MSP     PDF:  
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Changes to the board of directors and appointment of company secretary

Registered in Malta
Registration number C99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or “the Company”)


The board of directors of MAS (the “Board”) is pleased to announce the appointment of Raluca
Buzuleac as Executive Director and Deputy CFO of MAS, effective today. Raluca has 15-years of real
estate and finance industry experience, and was Operations Director of MAS Group since November
2019. She holds a degree in management and started her career at PricewaterhouseCoopers Romania.
Prior to her current role, Raluca held senior management positions with extensive responsibility in
finance and operations with NEPI (currently NEPI Rockcastle), Prime Kapital and MAS.

Shareholders are aware of excellent progress in respect of the Group's transition towards a fully focused
Central and Eastern Europe (“CEE”) property investor and operator since the transaction with Prime
Kapital in November 20191, and the appointment of Prime Kapital founders Martin Slabbert and Victor
Semionov as Executive Directors of MAS. The terms of the transaction included a mandate of up to
three years for the appointed executives to oversee the re-positioning and transitioning of the business,
prior to them returning to Prime Kapital on a full-time basis. MAS’ ongoing, pre-dating, commercial
relationship with Prime Kapital via the Development Joint Venture ("DJV")2, which is expected to have a
major long-term positive impact on the Group's financial performance, as well as Prime Kapital's
position as MAS’ largest shareholder suggest it to be of strategic importance and mutually beneficial
for both parties to remain closely connected for the foreseeable future, with independent executives.
Raluca’s appointment as Deputy CFO, following on the additional appointments on 26 August 2021 of
CFO Irina Grigore as Deputy CEO and Dan Petrisor as Executive Director, positions the Group to
ensure seamless succession towards management of MAS by Executive Directors with no affiliation to,
or interest in, Prime Kapital by the completion of the mandate.

Further to this, following the Company’s recent redomiciliation to Malta some core functions are to be
housed in Malta. The Group is pleased to announce the appointment of Nathalie Vella as the Group's
Company Secretary, effective today, replacing Timothy Mark Callister. Nathalie is based in Malta and
has extensive experience with respect to Maltese companies’ regulations and relevant legislation.

The Board thanks the outgoing Company Secretary for the dedicated service to the Company during
his tenure.

1    The transaction included the acquisition of Prime Kapital's interests in MAS' directly-owned properties in CEE,
     as well as the acquisition and integration of Prime Kapital's Central and Eastern European property
     management platform.
2    DJV is an abbreviation for a separate corporate entity named PKM Development Limited (PKM Development),
     an associate of MAS since 2016, with independent governance. MAS owns 40% of the ordinary share capital
     of PKM Development, an investment conditional on it irrevocably undertaking to provide preference share
     capital to PKM Development on notice of drawdown. MAS’ undertakings to PKM Development arose prior to
     Prime Kapital’s founders joining MAS’ Board in November 2019 and are unaffected. On 30 June 2021, MAS
     had invested €233.3million in preference shares and had an obligation of €186.7million outstanding (figures
     not proportionally consolidated). The balance of the ordinary share capital in PKM Development was taken up
     by Prime Kapital in 2016 for €30million in cash, and, in terms of applicable contractual undertakings and
     (i)   is not permitted to undertake real estate development in CEE outside of PKM Development until the DJV’s
           capital commitments are fully drawn and invested, or 2025;
     (ii)  contributed secured development pipeline to PKM Development at cost;
     (iii) takes responsibility for sourcing further developments, and
     (iv)  provides PKM Development with all necessary construction and development services via integrated in-
           house platform.

6 December 2021

For further information please contact:
Dan Petrisor, MAS P.L.C.                  +40 741 184 921
Leon Allison, MAS P.L.C.                  +27 82 307 3667
Java Capital, JSE Sponsor                 +27 11 722 3050

Date: 06-12-2021 05:32:00
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