Bill Ireland – Steps down as Chairman and remains Managing Director
15 June 2009
In line with Mariner Financial Limited’s overall restructuring and future strategy, it is pleased to announce the appointment of two new non-executive board directors, Mr Ian Winlaw and Mr Denis Pidcock. Their appointments take effect from 15 June 2009.
Ian joins the board as non-executive chairman. With a strong background in finance and accounting he brings an impressive commercial discipline to the board, with over 40 years experience in consulting to, or participating on the boards of Australian companies within mining, rural, technology and research industries. Ian currently consults nationally through his practice Ian Winlaw & Co.
Denis has had a career spanning 45 years, primarily in property, construction and engineering. As a non-executive director, Denis brings to the board extensive experience in both senior level executive management and non-executive directorships across a wide range of industry sectors in private, public and government corporations.
Managing Director, Mr Bill Ireland remains as an executive director on the board.
Commenting on the appointments, Mr Ireland said, “With these two appointments we have taken the important step of aligning the skills of our board with our strategy to exit the retail funds management sector; realise the proceeds from non-core assets and focus on various capital management opportunities that will allow the company to develop some of its residual assets.”
Currently seeking unitholder approval for the sale of the following remaining fund management rights:
Powercor Building Fund (MPT No 1) – Meeting set for 30 June 2009
Moore Park Self Storage Fund (MPT No 2) – Meeting set for early July 09
Mariner Coastal Land Fund (Yamba assets) – Meeting set for 30 June 09
Once these fund management rights are sold Mariner will cease all retail fund management activities, further reducing the cost base of the company
Rationale for exiting retail funds management is that scale and costs required to operate a retail platform has increased significantly, and Mariner did not have that scale to remain in this market long term
Move towards being a diversified investment company with a focus on assembling collective investment structures with high net wealth investors.
Original business model was not viable in changed market conditions
Dramatic slide in market valuations of company’s diverse and leveraged asset portfolio
Prudent action required rapid disposal of assets to reduce liabilities
Mariner has now sold, or is in the process of selling, management rights to satellite funds, and equity stakes in funds. This has meant an effective exit from all core retail funds management activities
Reduced headcount from 70 to approximately 8
There has been dramatic simplification of structure, assets and operations
Retired majority of bank debt ($600K only remains outstanding)
Management team has applied best efforts to pay out liabilities, preserve the company, and provide a modest platform for future growth for shareholders
In due course change name to Mariner Corporation Limited, to reflect exit from retail funds management and a move towards being a diversified investment company with a focus on assembling collective investment structures with high net wealth investors.