11th Jul 2019 11:27
(Alliance News) - Helical PLC on Thursday noted the departure of Chair Mike Slade, who is stepping down from the board of the office property firm after 35 years, while expressing optimism about the future after reducing its debt.
Helical also said the final dividend for its year ended March 31 is expected to be 7.50 pence per share, raising the total dividend for the year by 11% to 10.10p per share from 9.50p per share.
Slade, who was formerly chief executive officer of Helical, announced his intention to retire back in February 2018. Deputy Chair Richard Grant is to succeed Slade as chair.
In addition to Slade, Non-Executive Director Michael O'Donnell also will leave the board, having served for eight years.
In an update covering the period from April 1 to July 10, Helical noted its acquisition of 33 Charterhouse Street in May. 33 Charterhouse Street is an office development located in Farringdon in the City of London, and is part of a joint venture with Ashby Capital, in which Helical and Asby both hold a 50% stake.
Also in London, Helical completed 11 new lettings during the April to July period, delivering contracted rent of GBP7.2 million, of which the company's share its GBP2.0 million. In Manchester, meanwhile, Helical completed 3 net lettings.
As at June 30, Helical's loan to value, based on March 31 values plus capital expenditure, was 34.6%, up from 30.6% at the end of March.
Chief Executive Gerald Kaye said: "We have continued to make good progress in the period since April 1, against a background of ongoing political uncertainty. The acquisition of a new development project to add to our pipeline and the letting of space at our completed schemes at strong rental levels auger well for the future. Having focused the portfolio on offices located in London and Manchester and reduced our borrowings through the sale of assets we are well placed to take advantage of any compelling opportunities that arise.
"However, today will be noted by the company and its employees as the day that Mike Slade, our chair and former chief executive, steps down from the board. All at Helical wish him well for the future and thank him for his great contribution to the considerable success of the company over the last 35 years."
Shares in Helical were down 0.1% at 371.50 pence on Thursday morning.
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