Dolphin Capital Investors Limited announced the new members of the board as follows. Laurence Geller as Independent Non-executive Chairman, Robert Heller as Independent Non-executive Director, Graham Warner as Non-executive Director, Mark Townsend as Non-executive Director; and Justin Rimel as Non-executive Director of the company. Miltos Kambourides will remain on the new Board as a Non-executive Director and a representative of the Investment Manager.

David Heller has resigned as Chairman of the Board and will remain as a Non-executive Director and Roger Lane Smith will remain as an Independent Non-executive Director. Andreas Papageorghiou, Christopher Pissarides, Cem Duna and Antonios Achilleoudis have stepped down from the Board with immediate effect. The new Board, will work expeditiously with the Investment Manager to review the Company's strategic business plan and management compensation structure with a view to streamlining its development plans, monetizing non-core assets and further improving the alignment of interests of the Investment Manager with shareholders.

The overall objective is to narrow the current share price discount to net asset value and accelerate returns to shareholders. Laurence Geller has experience, having led multi-national corporations in the hospitality industry, most recently as President and Chief Executive Officer of Strategic Hotels & Resorts. Robert Heller is co-founder and Chief Executive Officer of Spectrum Gaming Capital.

Graham Warner is a non-executive director at J O Hambro Capital Management Umbrella Fund plc. Mark Townsend is Executive Director and Fund Manager at Asset Value Investors. Justin Rimel is Managing Director of Third Point's Real Estate division.

At Third Point, he focuses on sourcing and managing direct real estate investments.