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Current Share Price:

€0.110 up 0.000

Board of Directors


Rolf Elgeti, CFA

Non Executive Chairman

Rolf Elgeti is currently Chief Executive Officer of TAG Immobilien AG and Bau-Verein zu Hamburg AG. Before joining TAG as Chief Executive Officer in July 2009 he was already a member of the Supervisory Board of TAG Immobilien AG, a German listed real estate group with over €950 million real estate assets. Since 2007 he has worked as an independent real estate fund manager and co-founded Elgeti Ashdown Advisers Limited, a London-based property fund manager specialising in German property. Prior to Elgeti Ashdown, Mr Elgeti was founding and administrating many German real estate investment firms. Before that he gained experience as a European macro analyst and equity strategist focusing on Germany, at UBS, Commerzbank Securities and ABN Amro. Mr Elgeti graduated with an MBA from the University of Mannheim, Germany and received an MBA from ESSEC, Paris in 1999.

Christopher H Lovell

Non Executive Director

Christopher Lovell is a partner in Governance Partners LP, an independent corporate governance practice based in Jersey. Mr Lovell qualified as a Solicitor of the Supreme Court of England and Wales in 1979. He was a partner in the law firm of Theodore Goddard until 1993 when he set up his own legal practice. In 2000 he was one of the founding principals of Channel House Trustees Limited, a Jersey regulated trust company, which was acquired by Capita Group plc in 2005, when he became a Director of Capita’s Jersey regulated trust company. He currently sits on the Board of other property funds including Aseana Properties Limited, NR Nordic & Russia Properties Limited, EMAC Illyrium Land Fund Limited and EMAC Illyrium Land Fund II Limited.

David Parnell

Non Executive Director

David Parnell is a Fellow of the Chartered Institute of Management Accountants and a Member of the Securities Institute. He has over fifteen years’ experience in fund management, corporate finance, private equity and public markets commencing when he joined Baring Brothers in 1994. Since 2006 he has worked as an independent consultant specialising in real estate funds and alternative investments. Mr Parnell works and resides in the Isle of Man.

Jeffrey Strong

Non Executive Director

Jeffrey Strong is a senior investment professional at QVT Financial LP, focusing primarily on global special situations. Previously, from 2001 until 2005, he was an analyst at Shenkman Capital Management, focusing on high yield bond investments. Mr Strong has an MBA from the College
of William & Mary, a Bachelor’s degree from the University of Missouri and is a CFA charterholder member. Mr Strong currently serves as a Director of Texas Petrochemicals Incorporated and is a member of the Nomination Committee for Fornebu Ultvikling.

Eitan Milgram

Non Executive Director

Eitan Milgram is a Portfolio Manager and Executive Vice President at Weiss Asset Management LP, where he has worked for the last ten years. He graduated summa cum laude from Boston University where he won the Prize for Excellence in Economics. Eitan has served on the board of directors of thirteen publicly listed companies, advising a number of businesses on corporate restructurings.

Nicholas Cournoyer

Non Executive Director

Nicholas Cournoyer is the Directeur General of Montpelier Capital Advisors (Monaco) SAM and a Partner of Montpelier Investment Management LLP ("Montpelier"), which currently holds 21.36% of the Group's issued share capital. Mr Cournoyer founded Montpelier in 1992.

Prior to founding Montpelier, Mr Cournoyer was at Chase Manhattan Bank where he worked in its sovereign and corporate debt restructuring teams in Central and South America (1982-1985). In 1985, he established its New York-based Emerging Markets debt trading group and from 1986 to 1991 he headed a similar operation in London.