Breedon Group appointed Amit Bhatia as Non-Executive Chairman, effective immediately, to succeed the current Executive Chairman, Peter Tom, who had decided to step down.
Mr Bhatia has 'valuable experience in the heavy building materials industry and brings with him significant financial expertise,' the company said. He created Hope Construction Materials and served as its Executive Chairman for over three years until it was acquired by Breedon in August 2016, at which point he joined the Board.
Following his announcement to step down, Mr Tom had informed the group of his intention to sell approximately 22m shares in company, held on his behalf by Hermco Property, representing 1.3% of the issued share capital.
Abicad, where Mr. Bhatia is a representative director, who currently owned 17.78% of the issued share capital, announces its intention to purchase a minimum of 10m of the sale shares at a price of 72.0p a ordinary share.
Furthermore, Abicad had stated that it would be willing to purchase up to 22m sale shares at the same price.
At 8:38am: (LON:BREE) Breedon Group share price was -0.3p at 73.7p