This article is from the Australian Property Journal archive
EXCLUSIVE: YET another founding executive director of Becton Property Group has mysteriously left the company.
Executive director Bruno Santi has left the ASX listed company joining fellow founding directors Paul Briggs, Mark Taylor and chairman Max Beck. Both Santi and Briggs held in excess of 10 million shares in Becton each at the time the company listed.
Analysts told Australian Property Journal on Friday that both Santi and Briggs, and their associated holding companies, have sold down their shareholdings dramatically over the past 12 months.
Market speculation is that Santi and Briggs fellow out with chief executive Hamish Macdonald.
Becton spokesman Antony Morrell told Australian Property Journal yesterday that both Santi and Briggs left “ages ago”.
“I’m sure we notified the ASX,” Morrell added.
However, Becton has never notified the ASX of the departure of either Santi, who left in recent months, or Briggs, both of whom were major shareholders in the company and at various times directors of the listed company.
Over the past six months, Becton, like other debt driven property companies, has seen its market cap shrink from around $850 million to $332 million. Since November last year Becton’s share price has slid dramatically from a high of $5.10 to Friday’s close of $2.00 down a further two cents – a fall of 60% since its 52 week high.
Former finance director Mark Taylor quit the Board of Becton Property Group and Becton Investment Management Limited in August last year. Taylor, who held 15 million shares at the time of Becton listing, has also sold down his holding in Becton.
Taylor, Santi and Briggs, along with founder Max Beck, are considered major contributors to the developer’s success up to the time it listed when it rebranded itself as a diversified property group.
Back in July 2005, when Becton officially listed both Santi, Taylor and Briggs were significant shareholders in the company apart from the more than 50% shareholding controlled by Max Beck, who also recently departed the group.
Briggs launched the Becton Group into its residential development business in 1991. Santi oversaw Becton’s expansion in Canberra and was responsible for Becton’s expansion into the retirement living sector and its previous relationship with Accor.
At the time of listing, chief executive Hamish Macdonald held some 23 million shares in his name and via an associated entity, Damai Beach Pty Ltd. Macdonald has also sold down his shareholding in the company.
Australian Property Journal