GROCON's chief executive Daniel Grollo and operating officer Stephen Scanlan have joined the board of CP1.
The board changes follow the completion of a share transaction to a Grocon entity. City Pacific has sold a 17.9% interest in CP1 for $34 million to the Grocon entity leaving City Pacific holding 30.6% of the issued shares in CP1.
City Pacific Directors Peter Trathen and Tom Swan have also stepped down in accordance with City Pacific’s strategy to deconsolidate the two listed companies.
CP1 yesterday announced that it expected to exceed its $34 million NPAT forecast for the year ended June 30 2007 by around 10%.
Australian Property Journal
