At the same time Orco Property Group’s board of directors welcomed new board members David Ummels (Astin Capital Management) and Benjamin Colas (MTone), it was bidding adieu to OPG veteran Ales Vobruba as well as to Ott & Co. SA.
“The board thanked them for their decision and validated the cooptation,” read the statement.
Ott & Co. is the personal holding company of Jean-Francois Ott, who stays on as president of the board.
Ales Vobruba is to stay on as deputy CEO and MD of Orco in Central Europe, and the company has vigorously denied any validity to reports that he was no longer at the company at all.
Ummels and Colas have won their seats as part of the deleveraging process at Orco, as bonds were traded in for equity. The shift in the structure of the board, says Orco, reflects the shift in structure of the shareholders. Mtone for example currently holds 9.8% of Orco (9.9% in voting rights). Orco also revealed that Credit Suisse Securities now holds a 4.2% stake in the company. Ott & Co. SA currently controls just 0.7% of OPG. (details here)
The make-up of the 12 member board now is:
-J.F. Ott, Nicolas Tommasini who are described as “executive members representing the management of the Company”.
-5 “independent members” (Silvano Pedretti, Guy Wallier, Bernard Kleiner, Alexis Juan and Robert Coucke)
-And 5 non-executive members “representing the shareholders” (Bertrand Des Pallieres, Gabriel Lahyani, Richard Lonsdale-Hands, Benjamin Colas and David Ummels)