Kevin McCabe has stepped down as chairman of Teesland, the company he is set to buy, with immediate effect.
In a stock market announcement, the
McCabe has been in talks with a handful of Australian fund managers to sell the Teesland business combined with Scamp, his private property business.
Kevin McCabe’s private investment company Scamp recently secured support from 72.33% of Teesland shareholders to back his 159.25p per share management buyout of Teesland.
Charles Lewis, currently a non-executive director, becomes chairman.
Lewis, a chartered accountant, joined the board in 2002 and is the chairman of the Audit Committee and the Risk Committee.
He is currently deputy chairman of Hull Urban Regeneration Company and has a number of other non-executive directorships.
Teesland also announced that Stephen McBride had been appointed as non-executive director and Cesidio di Ciacca as corporate counsel.
McBride is a director of Scarborough Property Holdings and was a director of Teesland until his resignation on 20 October 2005.
