It has been determined that John McBain as not an independent director.
Asset Plus Limited (NZX: APL) has announced the appointment of John McBain as a director of Asset Plus.
McBain is the joint chief executive of the Centuria Group, the parent company of Augusta Capital Ltd, the largest shareholder in Asset Plus. He replaces Paul Duffy as the manager’s nominated representative on the Asset Plus board. Duffy will remain as a non-executive director, at the request of the Asset Plus board.
Given McBain’s shareholding in, and directorship of, Centuria Capital Group and its New Zealand subsidiaries, including Augusta Capital and Augusta Funds Management, the board has determined McBain is not an independent director.
The board has also determined that Duffy is not an independent director, given he remains a director of Asset Plus’ manager, Augusta Funds Management.
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