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COMPANY ANNOUNCEMENT: Trident Developments Limited appoints CEO Designate and COO 26/05/2016

The following is a Company Announcement by Simonds Farsons Cisk plc pursuant to the Malta Financial Services Authority Listing Rule 5.13, 5.16, 5.20 and 5.21.

 

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TRIDENT DEVELOPMENTS LIMITED APPOINTS CHIEF EXECUTIVE OFFICER DESIGNATE AND CHIEF OPERATIONS OFFICER

In anticipation of the proposed spin-off of the Farsons Group’s non-operational property assets into a newly listed public limited company, which is conditional to the shareholders’ approval at a general meeting to be held in 2017, the Board of Directors has approved the following appointments:

As from 1st June 2016, Charles Xuereb, currently Chief Financial Officer (CFO) of the Farsons Group will be taking on the role of CEO Designate of Trident Developments Ltd, a fully owned subsidiary of the Farsons Group. To support Mr Xuereb in his new role, Dr Christopher Ciantar will be appointed Chief Operations Officer (COO) of Trident Developments Ltd with effect from the same date.

Mr Xuereb will be working closely with the Chairman of the Group, Mr Louis A Farrugia and the Board of Directors. The proposed spin-off is intended to benefit and enhance shareholder value through the focus of a separate Board of Directors and managed by a dedicated team of professionals led by Mr Xuereb. Dr Christopher Ciantar will be supporting Mr Charles Xuereb in the implementation of the significant infrastructural projects that will be assumed by the new plc including the rehabilitation and conversion of the old brewery building into an office business park with an accompanying car park and ancillary services, a visitors’ attraction as well as food and beverage outlets.

Charles Xuereb, B.A. (Hons) Accty, CPA, FIA, MIM, graduated with a Bachelor of Arts Honours Degree in Accountancy from the University of Malta in 1991. He commenced his professional career with PricewaterhouseCoopers as an auditor and joined the Farsons Group in July 1995 as Chief Accountant of Food Chain Group, a post he occupied until 2003. Subsequently, he was appointed Group Financial Services Manager and in 2004, following the acquisition of Quintano Foods Ltd., he was also assigned the key task of integrating the newly acquired company’s finance systems within the Group while managing the finance function of the company. In 2005, he was appointed Chief Financial Officer of the Farsons Group assuming responsibility for the Group’s overall financial management, direction and governance as well as the Group’s Credit Control, Information Technology and Business Services. He is also a member of the Group Executive Board and sits on the Boards of 10 companies within the Group. 

Mr Xuereb is a Certified Public Accountant, a Fellow of the Malta Institute of Accountants, a member of the Malta Institute of Management and was elected President of the Malta Association of Credit Management (MACM) in 2013, a position he currently holds.

He is married to Alison, nee’ Brincat and has a daughter, Amy.

Christopher Ciantar is a PhD graduate in engineering from Bournemouth University after having been awarded a UK Engineering and Physical Sciences Research Council (EPSRC) scholarship in 1997. Dr Ciantar has published a number of reviewed journal papers relevant to his research which focuses on environmental life cycle assessment of products and processes. He is also an MSc graduate in building services engineering from Brunel University and graduated as a Mechanical Engineer from the University of Malta in 1994. Dr Ciantar has over 15 years’ experience in the public sector from which he gained experience by leading multidisciplinary approaches to policy making. He has had direct personal involvement in a number of projects involving clean technologies as well as energy and water conservation.

Currently Dr Ciantar chairs the Executive Committee of the Mriehel Enterprise Zone Foundation which is a public private partnership initiative for the improvement of Mriehel.

Dr Christopher Ciantar is married to Eleanor nee’ Vassallo and has a daughter, Maria Pia.

No matter concerning Mr Xuereb and Dr Ciantar requires disclosure under Listing Rules 5.20.5 to 5.20.9.

 

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Antoinette Caruana
Company Secretary

26th May 2016