One Heritage Group plc
Directorate Change
- Peter Cheung resigns as CIO
- New Head of Investment appointed
- Strong relationship with majority shareholder maintained
One Heritage Group plc (OHG) 8 April 2024 |
ONE HERITAGE GROUP PLC
(the “Company”)
Directorate Change
One Heritage Group PLC ("the Company" or "OHG"), the UK-based residential developer, development manager, and property manager focused on the North of England, announces that Yiu Tak (Peter) Cheung has tendered his resignation as Chief Investment Officer (CIO), effective 30th April 2024.
Peter Cheung has decided to step down from his part time role as Chief Investment Officer (CIO) due to personal reasons. After some discussion, the Board of Directors accepts and respects his decision and expresses gratitude for his significant contributions throughout his tenure with the Company.
To ensure a seamless transition and effective management, the Company has recruited a new Head of Investment, who will officially start in post on 15th April 2024. In assuming all duties previously held by Peter Cheung, among others, it should be noted that this position, at this time, will not be a board role. The Head of Investment role is a permanent position and is UK based and represents a critical appointment for the Company as it focuses on new investments and the growth of its development pipeline.
An Interim Head of Finance was appointed in March 2024 to oversee financial operations while the Company undertakes a search for a full time Head of Finance.
It is also important to state that Peter Cheung's resignation does not impact the strong relationship the Company maintains with its majority shareholder. OHG recently announced improved terms of its shareholder facility agreement on 26th March 2024. These enhancements include the option for an extension up to 31st December 2028, at the discretion of the Company.