Federation merger & board changes

Company News

The merger of Federation Centres Limited (ASX:FDC) and Novion Property Group (ASX:NVN) went ahead yesterday with a range of board changes for the firms.
 
Federation centres says its Chairman Bob Edgar and non executive directors Clive Appleton and Fraser MacKenzie have resigned as directors. 
 
On the Novion side CEO and Managing Director Angus McNaughton has resigned and won’t take a new role. 
 
Peter Hay will become Chairman and Steven Sewel will become CEO of the billion dollar shopping centre portfolio as of close of business yesterday.
 
The new entity will be Australia’s second largest retail property trust with Scentre group being the largest.
 
Federation Centres reported a net profit of $222.5 million in the first half of the 2015 financial year.