Shareholders back Eatonfield equity release

DEVELOPER Eatonfield has had the issue of further shares to provide working capital approved by shareholders, and announced the appointment of a new chairman and finance director.

So far £677,650 has been drawn down from the facility provided by joint venture partner Jenard Properties Limited and the Tarporley-based company has told shareholders that the remaining balance of £497,700 will see it through to July.

Shareholders approved the issues of shares today, having been warned that if they fail to back the scheme the company may be forced into administration.

The company has also announced the appointment of Brian Corfe as executive chairman and Duncan Syers as finance director, effective from June 1.

Mr Corfe, 62, is a surveyor with more than 30 years of experience in the property sector, mainly with Balfour Beatty.

He was also chairman and chief executive of property firm Tysons Group between 1990 and 1995 and was joint managing director of Takenaka (UK) until 2000.

Since then, he has held stakes in a number of privately-owned firms and has also been a trustee and treasurer at Liverpool John Moores University.

Mr Syers, 54, was finance director of Leeds-based property developer Town Centre Securities for ten years to 2001, until it sold its Universal Parking business to Q-Park. He then became chief executive of Q-Park until 2003. Since then, he has been running privately-owned firms.

Rob Lloyd, group chief executive, said: “I would like to welcome Brian and Duncan to the board of Eatonfield. I believe that their experience of the property market and related sectors will prove to be a valuable asset to the Company”.