REDEFINE CONSULTANCY AGREEMENT TERMINATION
As announced on SENS today Hyprop has given three months notice of termination of its existing consultancy agreement with Redefine Properties Limited (“Redefine”) following the recent resignation of Wolf Cesman as joint CEO of Redefine. Hyprop CEO Mike Rodel says: “Hyprop has benefited significantly over the last decade from the joint contributions of Cesman and Marc Wainer. However the consultancy agreement was initially entered into on the premise that both Cesman and Wainer would provide an ongoing combined contribution.” The agreement was entered into on 27 October 2009 for an initial period of 18 months at a fixed fee of R1,5 million per month, with effect from January 2010.
In addition Cesman has resigned from the Hyprop board with immediate effect. The board thanks him for his significant contribution to Hyprop’s success and wishes him well for his future endeavours.
Hyprop has made significant strides in bolstering its internal management structures following the appointment of Mike Rodel in July last year, and the more recent appointments of certain key executives. Together with the ongoing input and guidance from the board, the directors are comfortable that the company has the depth of skills necessary to effectively manage the company.
However, looking ahead the board is of the opinion that Redefine and Marc Wainer can continue to play a valuable role in relation to Hyprop and discussions are currently underway regarding the ongoing relationship between the companies.
The executive management and board of Hyprop would like to acknowledge the role Cesman and Wainer have played to date in Hyprop’s strong performance and positioning as South Africa’s leading listed retail property fund.