This article is from the Australian Property Journal archive
OCTAVIAR, now under the management of Chris Scott, has appointed a new chairman and chief executive.
Yesterday, director Paul Manka was appointed independent chairman following the departure of Andrew Peacock.
And following this restructure of the board, Craig Chapman has resigned as an executive director and been appointed chief executive, taking over from Craig White.
Chris Scott remains an executive director with David Burke and Barry Cronin remaining as non executive directors.
In addition, Octaviar Investment Management, a wholly owned subsidiary of Octaviar had entered into a call option deed granting Wellington Capital an option to purchase its shareholding in Octaviar Investment Management.
Wellington Capital is an unlisted public company with more than $600 million in assets under management in wholesale and retail funds.
Following execution of the call option deed, the company will pay Wellington Capital a management fee in relation to Wellington Capital’s management of OIM and its underlying funds.
The call option is exercisable by Wellington Capital at any time up to and including August 312008.
“The board has recognised that it is not in the best interests of creditors, shareholders and other Company stakeholders for Octaviar IM to remain a wholly owned subsidiary of the Company at this time,” Manka said.
Australian Property Journal
