Raimon Land CEO Nigel Cornick resigns

Raimon Land CEO Nigel Cornick resigns

Thai property developer Raimon Land PLC today announced the resignation of its Executive Director and CEO Nigel Cornick. Mr. Cornick has also resigned from the Board of Directors of Raimon Land and its associated companies.

The announcement follows months of speculation over Mr Cornick's position, as the company's cash flow has come under strain from falling sales figures.  

Hubert Viriot, one of Raimon Land's current Directors and an executive at IFA Hotels & Resorts, has been appointed to replace Mr Cornick as CEO.

IFA Hotels & Resorts, a global property and hospitality company based in Kuwait, became major shareholders in Raimon Land in 2006, in partnership with Dubai-based private equity and alternative investment house Istithmar.

In a statement issued via a PR company, Raimon Land said its shareholders are 'committed to the ongoing success of the company, and plan to inject further capital to assist in the current and future operational requirements of the company'.

Chairman of the Board of Directors at Raimon Land, Mr. Sompoch Intranukul, said: "I would like to thank Mr. Cornick, on behalf of our Board of Directors, for his contributions in building Raimon Land into the premier real estate developer in Thailand, and congratulate Mr. Viriot on his appointment as the new CEO. We look forward to continuing the execution of the Company's strategy moving forward."

Raimon Land today also announced a bonus issue and cash dividend for its shareholders  equal to Bt278.98 million.

Under the proposal, each Raimon Land shareholder will receive 0.0837 new shares and Bt0.0093 in cash for each share held at the record date. The cash component of the dividend will be used to cover withholding tax payable by the shareholders on the bonus issue.

Shareholders on the company's register on the record date, proposed to be 17th March, 2009, will be eligible for the bonus issue shares and dividend.

The board also approved that the auditor undertakes the offset of the share discount with retained earnings totalling Bt208.58 million.