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http://www.theaustralian.news.com.au/business/story/0,28124,26169508-36418,00.html
BRITISH property tycoon Kevin McCabe has quit the board of Valad Property Group after receiving the final $56.5 million payment for the European property assets he sold to the company.
The resignation of Mr McCabe, chairman of the Sheffield United football club, was announced yesterday, along with the departure of fellow non-executive director Ian Robertson.
The two men, who are friends but have no business connections, had been board members since August 2007, when Mr McCabe, sold his Scarborough Group's British and European property interests to Valad.
Mr McCabe had been tipped to play a major role in the revival of the troubled Australian company, which lost $1.49 billion last financial year.
Valad, which made its $2bn Scarborough deal at the height of the property boom, had earlier been tipped to return the company to Mr McCabe because the European operations were undermining the company's share price.
However, Valad managed to limp on this year and recently flagged a "hands-on" role for Mr McCabe after striking a deal under which he and other Scarborough vendors were to have received a 19.9 per cent stake in Valad in lieu of a $56.5m deferred payment.
Valad later opted to pay the money in cash from a $59.5m capital raising backed by Goldman Sachs JBWere.
The fully underwritten equity raising had an issue price of 10c a share and was pitched at institutional and retail investors.
Mr McCabe attended only seven of 19 board meetings during the last financial year.
Valad would not comment on the two board resignations but said in the announcement to the ASX the departures reflected the reduction in size and scale of the group that had occurred since last year. The group said both would resign at the group's forthcoming AGM.
The global financial crisis has taken a heavy toll on Valad, forcing the sale of about $600m worth of assets over the past 12 months. In January, Valad cut staff numbers by 25 per cent after signalling heavy losses.
Mr McCabe founded Scarborough in 1980, building it into an international real estate development, investment and fund management group. He started his career in property and construction in 1964 and has five decades of experience in British and European markets.
Mr Robertson is a former banking executive who spent 36 years with HBOS. He is also a former vice-president of the Chartered Institute of Bankers in Scotland.
BRITISH property tycoon Kevin McCabe has quit the board of Valad Property Group after receiving the final $56.5 million payment for the European property assets he sold to the company.
The resignation of Mr McCabe, chairman of the Sheffield United football club, was announced yesterday, along with the departure of fellow non-executive director Ian Robertson.
The two men, who are friends but have no business connections, had been board members since August 2007, when Mr McCabe, sold his Scarborough Group's British and European property interests to Valad.
Mr McCabe had been tipped to play a major role in the revival of the troubled Australian company, which lost $1.49 billion last financial year.
Valad, which made its $2bn Scarborough deal at the height of the property boom, had earlier been tipped to return the company to Mr McCabe because the European operations were undermining the company's share price.
However, Valad managed to limp on this year and recently flagged a "hands-on" role for Mr McCabe after striking a deal under which he and other Scarborough vendors were to have received a 19.9 per cent stake in Valad in lieu of a $56.5m deferred payment.
Valad later opted to pay the money in cash from a $59.5m capital raising backed by Goldman Sachs JBWere.
The fully underwritten equity raising had an issue price of 10c a share and was pitched at institutional and retail investors.
Mr McCabe attended only seven of 19 board meetings during the last financial year.
Valad would not comment on the two board resignations but said in the announcement to the ASX the departures reflected the reduction in size and scale of the group that had occurred since last year. The group said both would resign at the group's forthcoming AGM.
The global financial crisis has taken a heavy toll on Valad, forcing the sale of about $600m worth of assets over the past 12 months. In January, Valad cut staff numbers by 25 per cent after signalling heavy losses.
Mr McCabe founded Scarborough in 1980, building it into an international real estate development, investment and fund management group. He started his career in property and construction in 1964 and has five decades of experience in British and European markets.
Mr Robertson is a former banking executive who spent 36 years with HBOS. He is also a former vice-president of the Chartered Institute of Bankers in Scotland.
