DON O'Rorke and Trinity have split up almost 30 days after the company rejected his unsolicited takeover bid.
O’Rorke was previously a director of Trinity and managing director of Consolidated Properties, the company he founded and sold to Trinity in the lead up to Trinity’s public listing four years ago.
Last month, O’Rorke tried to turn the table by making a takeover offer to privatise Trinity at 80 cents a share.
Recently Wayne Rex was been appointed managing director of Consolidated Properties to succeed O’Rorke.
Trinity chairman Keith De Lacy yesterday said the group has reached an agreement with O’Rorke to handover the Consolidated Properties business name and brand.
In return, O’Rorke will not claim fees, executive offer and other benefits owed to him by Trinity arising out of his resignation.
Also part of the deal, O’Rorke will approach existing staff to join his company.
Trinity Chairman Keith De Lacy said that there is no change to the existing Trinity business, other than a name change to its development division.
Trinity will retain its development workbook and pipeline of projects and De Lacy said Trinity Funds Management will keep the management rights of its two development trusts, currently known as the Consolidated Development Trust and Consolidated Land Trust
“This represents an equitable outcome and is in the best long term interests of Trinity’s securityholders,” De Lacy said.
“Trinity will rename its development business… Our property workbook and development funds remain unchanged by today’s agreement,” he concluded.
TCQ shares fell 4.5 cents or 11.39% to close at 35 cents yesterday.
Australian Property Journal
