Frank Hanna, the joint chief executive of Michelmersh Brick Holdings (MBH), is set to leave his post to become the sole CEO of rival building materials group Brickability (BRCK). Hanna, who has been in the brick business for 33 years and joint chief executive at Michelmersh alongside Peter Sharp since 2016, is to take over at Brickability after its boss Alan Simpson decided to retire. And although his current contract means he can’t take up his new role until next May, Hanna won’t have the time to do any brick paving in the garden in the meantime – a spokesperson confirmed he will continue to work at MBH throughout.
Simpson will remain in post at Brickability for up to three months after Hanna joins the company and will stay at the group thereafter, although no longer as a board member.
Michelmersh said it had made a “robust start” to the year and remains on track to meet full-year targets. MF
Read more: Michelmersh Brick hits pricing wall
Pan African shares tank on guidance drop
South Africa’s famously unreliable power supply has struck again, this time knocking Pan African Resources’ (PAF) production hopes for the year ending 30 June. The company had reiterated guidance as recently as February at 195,000 – 205,000 ounces (oz) of gold, but now says power outages would see it land closer to 175,000oz. Its shares fell 21 per cent on the news.
The company told investors in February it would be moving to 24-hour production at its Barberton operation, but recruitment issues had slowed this effort, also hitting gold output. The outlook for the next financial year has also been set at 178,000-190,000oz, well below the 206,000oz seen in 2022. AH
Mormons snap up UKCM’s Wembley warehouse
The Mormon church has bought a warehouse in Wembley from UK Commercial Property Reit (UKCM) for £74mn – a price which the Reit says is “broadly in line with the 31 March 2023 valuation”. Covent Garden IP, a charitable trust whose aim is to fund the work of The Church of Jesus Christ of Latter-day Saints in the UK, said “the purchase of Wembley180 furthers our efforts to make prudent, long-term investments”.
The sale comes after warehouse values plummeted following Amazon’s (US:AMZN) profit warning and last year’s ‘mini’ Budget turmoil. Since UKCM’s net asset value (NAV) peaked last June, it has sunk 28.6 per cent. ML
Read more: Why Reit share prices might have bottomed out