Assura Group Limited
Pre-close trading update shows 3.5% rental growth and a progressive dividend policy
Appointment of Graham Roberts as CEO further strengthens the management
Assura Group Limited (LSE: AGR) (“Assura” or the “Company”), the UK’s leading primary healthcare property company, today announces the appointment of a new Chief Executive Officer and an update on trading for the year ending 31 March 2012.
Directorate Changes
Graham Roberts has been appointed as Chief Executive Officer of Assura with immediate effect. Graha has worked in the property sector for the last 16 years. This includes, most recently, almost 10 years until 2011 as Finance Director of The British Land Company PLC, one of the UK’s largest Real Estate Investment Trusts, where he oversaw £21 billion of investment and development transactions, pioneered both transparency and a sustainable dividend policy leading to a significant rerating of the business.
Graham Roberts replaces Nigel Rawlings, who has today resigned as CEO and stepped down from the Board. He will remain as an adviser to the Company for the next month, assisting in the handover of responsibilities to Graham. Nigel joined Assura as CFO at the Company’s inception in 2003, becoming CEO in March 2010.
As announced on 26 January 2012, Peter Pichler will stand down as a non-executive director on 31 March 2012 and Clare Hollingsworth intends to step down as a non- executive director when a replacement is appointed.
David Richardson joined the Board on 3 January 2012 and the search for an additional non-executive director to replace Clare Hollingsworth is welll advanced.
Dividend
At the time of the Company’s Rights Issue in November, the Board stated that it intended to recommend a final dividend for this year. The Board is now also announcing a progressive dividend policy, paying dividends in future on a quarterly basis, in line with the timing of the Company’s rental income receipts. The first quarterly dividend will be paid as an interim dividend in July 2012 at a rate of 0.285 pence per share, giving rise to an anticipated annualised distribution of at least 1.14 pence per share.