Market Reacts Negatively To Mr. Lowy’s Exit From Scentre Group

  • Nov 16, 2018 AEDT
  • Team Kalkine
Market Reacts Negatively To Mr. Lowy’s Exit From Scentre Group

Scentre Group (ASX: SCG) came up with an announcement regarding the retirement of Mr. Steven Lowy from the board. The announcement for the retirement was made on November 15, 2018.

Mr. Steven Lowy will continue working towards his position till the end of his working tenure contract that ends on April 2019. Mr. Steven Lowy will not participate in the re-election as a director of Scentre Group at the company’s AGM that will be next held in April 2019. The decision was presented to the Scentre Group board at a board meeting held on November 15, 2018 by Mr. Lowy, who further mentioned that according to him that his decision to step down is correct and taken at right time. He further mentioned that ever since the establishment of the group following the restructure of the Westfield Group in 2014, he has been on board and has been privileged to serve the group.

As per the statement made by the chairman of Scentre Group, Mr. Lowy with his unmatched, excellent knowledge about the global retail property industry has brought unique perspective to the board and his valuable contributions to the group will always be remembered.

Mr. Lowy while concluding his speech mentioned about his 30 years of association with the group and his decision to step down at that time where he thinks the group is in great hands and is well positioned to achieve future growth. He further said that the that the investment made by Lowy Family Group’s from the year 2014 in Scentre Group has remained intact and will remain intact in future and is independent from his position on the board.

He concluded his speech by mentioning special thanks to the Chairman and the fellow directors for their immense support and acknowledging thousands of Scentre group staff for the success of the group.

Meanwhile, the group has recently released its operating update for the third quarter ended on September 30, 2018, on November 7, 2018. Company has four redevelopment openings exceeding $1 billion and the further addition of 106,000 sqm of space as a significant investment under its living center portfolio reported for 1.8% rise in the total specialty in-store sales for the 9 months and 2.0% rise for the year.

In the month of August, Scentre Group in association with Westfield Coomera has completed its first greenfield and with this completion it has laid new standards for the industry setting an example of the full evolution from shopping center to living centre giving an exceptional retail, services and product mix to the customers, with more than 40% of the centre allocated to leisure, entertainment and services.

 FFO growth forecast of 4% for the 12 months ending on December 31, 2018 and 2% increase in the distribution forecast to be at 22.16 cents per security for the year 2018 remains intact.

Announcement made in relation to the resignation of Mr. Lowy impacted the share price that experienced some downside pressure (-2.7%) and lastly traded at the levels of $3.88.


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