Change at the top for Sovereign

Sovereign Reversions, a finance company specialising in equity release assets, revealed last week that chairman Robert Lo has stepped down.

He has been succeeded by Paul Spencer as non-executive chairman of the company. Lo will remain as a non-executive director and will continue to chair the firm’s audit and remuneration committees.

Lo says: “Sovereign Reversions has had an encouraging start to 2005/6. We have seen an increase in the volume of home reversions offered by our 40.9% associate, Home & Capital Trust. Following a quiet period, we have more recently seen an increase in activity in the sales of vacant properties.”

Lo became a director of SR in 1992 and chairman in 1999. At that point the firm had a portfolio of around 60 properties worth approximately 2m.

Now, SR is an Alternative Investment Market-listed company with a market capitalisation of some 43m and a portfolio of more than 600 properties.

Graeme Marshall, chief executive of SR, says: “During Lo’s chairmanship we made a number of acquisitions through public and private offers. These investment activities have taken us into new areas of the equity release market.

“The role Lo has played in Sovereign Reversion’s success by addressing the plethora of issues facing a small, ambitious company such as ourselves has been crucial.

“On behalf of the board, I would like to thank him for the invaluable advice he has given over the past six years.”