Ardent Leisure

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<p>The Ardent Leisure chairman Neil Balnaves has resigned as chairman of the international entertainment business.</p>
<p>He will be succeeded by IAG's former chief financial officer and current Ardent director, George Venardos.</p>
<p>Mr Balnaves has served as chairman since April 2003, seeing the capitalisation rise from $106 million in 2003 to over $1.2 billion.</p>
<p>"With the appointment of Deborah Thomas as chief executive in 2015 and the conclusion of our strategic review, which involved the decision to sell both the Health Clubs and Marina divisions, I am now  confident that the Group has a clear strategy for growth and a mandate to execute on that strategy from our investors," Mr Balnaves told shareholders.</p>
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Ardent chairman Neil Balnaves departs

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<p>Ardent Leisure has sold the d'Albora Marinas portfolio for $126 million.</p>
<p>It has been bought by a jointly owned syndicate headed by Goldman Sachs and Sydney‐based commercial property lender and fund manager Balmain Corporation.</p>
<p>The sale of the country's largest marina portfolio was at a 11 per cent premium to its current book value of $113.5 million.</p>
<p>It was listed in March as Ardent's focus is on its Main Event entertainment operation and theme parks.</p>
<p>The company also sold its health clubs earlier this year.</p>
<p>The portfolio comprises seven high-profile marinas with more than 1300 berths at Rushcutters Bay, The Spit and Cabarita Point in Sydney, two marinas adjacent to the Melbourne CBD and two at Nelson Bay and Akuna Bay, north of Sydney.</p>
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<div>The portfolio delivered earnings before tax of $10.2 million in FY16 representing a yield of more than 8 per cent.</div>
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<div>Balmain Corporation, which has more than $6 billion of assets under management, has partnered with Goldman Sachs on a number of acquisitions including the $43 million deal to buy the Martha Cove Marina project on the Mornington Peninsula last year.</div>
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<div>Ardent has also agreed to complete $5.6 million of pre‐planned capital expenditure projects.   </div>
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<p>"The group's decision to prepare d'Albora Marinas for sale with extended lease tenure, targeted capital works and a transparent sale process has ensured that the maximum value for investors has been realised," Ardent chief executive Deborah Thomas advised.</p>
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<p>The sale of the d'Albora Marinas was handled by McVay Real Estate marketing it as representing over 1,300 berths, substantial water and land leases along with development opportunities. </p>
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Ardent Leisure sells its 1,300 d'Albora marina berths

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<p>Theme park operator Ardent Leisure’s chief executive Deborah Thomas has stepped down to make way for former COO of Nine Entertainment, Simon Kelly, the company said in an ASX announcement.</p>
<p>But she is staying with the group.</p>
<p>The transition was initiated by Thomas herself, after the completion of  a review of the group’s global growth strategy, following the divestment of the non‐core health club and  marina assets, Ardent said.</p>
<p>The news comes just a month after corporate raiders Gary Weiss and David Baffsky bought a 5.7 percent stake in the troubled theme park and arcade operator, The Australian Financial Review noted.</p>
<p>Kelly will assume his new role from July 1, Ardent said on Wednesday, while Thomas will take on the role of chief customer officer for the group and chief operating officer for its Australasian business.</p>
<p>Thomas was the CEO when the Dreamworld tragedy occurred at the theme park in October 2016, in which four people were killed after a ride malfunctioned. She was the CEO for tow years.</p>
<p>It also reported a weaker-than-expected performance at its US Main Event Entertainment business in February.</p>
<p>In another high-profile departure, chief financial officer Richard Johnson resigned to return to the UK and be with his family, Ardent said.</p>
<p>Announcing the CEO change, Ardent Leisure Group chairman George Venardos said, “We are pleased to announce this significant boost to our management team."</p>
<p>"Simon, who will transition to the role over the next few months with the support of Deborah, brings to the Group a wealth of experience in the management of multinational operations, financial control and the  entertainment sector.”</p>
<p>Ariadne, the vehicle of Weiss and Baffsky, bought into the company that shed more than one-fifth of its value on the day of its February interim results announcement.</p>
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