April 5 Bovis Homes Group Plc
* Board of bovis is pleased to announce appointment of greg
fitzgerald as its new chief executive.
* Greg fitzgerald is former chief executive and chairman of
galliford, where he spent over 30 years of his career.
* Notes announcement by galliford this morning withdrawing
its merger proposal
* Greg fitzgerald's appointment as chief executive will take
place with effect from 18 april 2017.
* Earl sibley will resume his role as group finance
* Current sales and reservations are in line with board's
expectations and we are making good progress with our priorities
* Has reviewed merger proposal and concluded that it failed
to reflect underlying value of bovis business
* In 2017 group is focused on re-setting business and
driving operational improvements through cost efficiencies, more
effective build processes and improvements in quality.
* We aim to replenish our land bank during 2017 and
thereafter maintain an underlying 4 year consented land bank.
* Accordingly, board has decided to reject proposal as it
believes that an independent strategy under leadership of greg
fitzgerald will deliver greater value for shareholders
* Overall, good progress has been made with our review of
our strategy and structure which we announced in february.
* Board intends to return to shareholders any excess capital
which results from this programme and from improved cash
generation from operations.
Source text for Eikon:
Further company coverage: