April 5, 2017 / 6:21 AM / 9 months ago

BRIEF-Bovis appoints new CEO, says Galliford bid failed to reflect value of firm

April 5 (Reuters) - Bovis Homes Group Plc

* Board of bovis is pleased to announce appointment of greg fitzgerald as its new chief executive.

* Greg fitzgerald is former chief executive and chairman of galliford, where he spent over 30 years of his career.

* Notes announcement by galliford this morning withdrawing its merger proposal

* Greg fitzgerald’s appointment as chief executive will take place with effect from 18 april 2017.

* Earl sibley will resume his role as group finance director.

* Current sales and reservations are in line with board’s expectations and we are making good progress with our priorities for 2017.

* Has reviewed merger proposal and concluded that it failed to reflect underlying value of bovis business

* In 2017 group is focused on re-setting business and driving operational improvements through cost efficiencies, more effective build processes and improvements in quality.

* We aim to replenish our land bank during 2017 and thereafter maintain an underlying 4 year consented land bank.

* Accordingly, board has decided to reject proposal as it believes that an independent strategy under leadership of greg fitzgerald will deliver greater value for shareholders

* Overall, good progress has been made with our review of our strategy and structure which we announced in february.

* Board intends to return to shareholders any excess capital which results from this programme and from improved cash generation from operations. Source text for Eikon: Further company coverage: (London newsroom)

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