New man. director and strategy in listed Nordicom

Lagt online 28.11.08

As a consequence of the situation on the capital markets, the Board of Directors of the property company Nordicom A/S has decided to adjust its business strategy. The company has so far had three prioritised business areas (investments in properties with a positive cash flow, development activities and joint ventures with project developers), but in the future the company will only focus its activities on investments in properties with a positive cash flow. This change of focus will be implemented gradually during the coming year.

In order to realise this strategy, the company has appointed a new managing director, Mr Niels Troen, who will take up his new position on 1 December 2008. Mr Niels Troen has many years of experience and comes from a position as managing director of the listed property investment company E-Star Property.

He has previously worked as Nordic director of HSH Nordbank and has held managerial positions with Chase Manhattan Bank, LB Kiel and WestLB.

At the same time, the present deputy director of the company, Mr Ole Steensbro, will join the Board of Management of Nordicom A/S where he will be responsible for finances and administration. Mr Gunnar Kristensen, who has so far held the position as managing director of the company, will retire from the Board of Management and will for a transitional period focus only on project development.

Chairman of the Board of Directors, Mr Torben Schøn, makes the following statement:

- When we look at the situation on the property and capital markets, which is not likely to change within the foreseeable future, it is clear to the Board of Directors that we need a person to head Nordicom whose competence profile particularly focuses on corporate finance and structured financing. With Mr Niels Troen we have found this person and the Board of Directors has great expectations for him.

The expectations previously expressed by Nordicom A/S for a profit before tax of around DKK 200 million for 2008 are maintained.

For further comments: Mr Torben Schøn, Chairman of the Board of Directors, partner in the law firm Bech-Bruun, tel. no. +45 2526 3567.

Photo: Gunnar Kristensen.