The chief executive of Australian property trust GPT Group has resigned on the same day the company announced plans to raise up to A$1.9bn (£780m) to cut debt and secure its future.
GPT said managing director and chief executive Nic Lyons’ reisgnation would have immediate effect.
Lyons has been chief executive of GPT, which owns GPT Halverton in the UK, since 2000.
The company said it was reviewing the structure of its senior executive team and, in the meantime, Michael O’Brien, current chief operating officer, would act as chief executive.
Earlier today, GPT announced a massive rights issue and share placement to raise much-needed cash.
Three banks are underwriting the rights issue – UBS, Goldman Sachs JBWere and Deutsche Bank.
The company said A$1.3bn (£530m) would be raised from the share issue and a further A$250m (£103m) would come from Singapore’s sovereign wealth fund GIC.
GIC is also underwriting A$300m (£123m) of the retail component of the rights issue.
