AFTER delivering strong half year results and staying on track with the group’s strategic plan, residential developer Sunland is moving to restructure its board.
The board restructure is being implemented to reduce the group’s overhead expenses, to better line up with the size of operations, after the group posted an increased net profit of $35.9 million for six months to 31 December.
The restructure reflects Sunland’s expectations for the end of June 2022, with the delivery of its development portfolio and the settlement of the sale of inventory that is not under development.
This will include the completion and settlement of the second stage of the Montaine housing development, with the 272 Hedges Avenue Project completed and settlement of apartment sales already commenced.
Additionally, Sunland anticipates it will have repaid all of its senior debt facilities by the close of June and will have made arrangements for repaying the balance of its debt facilities.
The board restructure will see directors Rebecca Frizelle and Vahid Saberi resign.
“This is a natural progression as the Company continues to deliver the Group’s Strategic Plan. We sincerely thank Rebecca and Vahid for their services and guidance whilst they have been part of the Sunland Board and wish them well in their future endeavours,” said Soheil Abedian, executive chairman.
Further, the restructure will see Sohiel Adedian and managing director Sahba Abedian’s remuneration arrangements reduced by 40%, reflecting a three day working week.
While the remuneration arrangements for non-executive directors will remain unchanged and group executive employees arrangements will be changed to reflect their working week.
