- St. Modwen Properties said chairman Bill Shannon intended to stand down at the company's annual general meeting in March next year.

The search for a new chairman would commence shortly, the company said, with a successor to be appointed later in 2018, before assuming the role formally in March 2019.

The company also released its annual results, with trading profit up 15.2% to £64.6m and net asset value per share up 4.6% to 450.9p. It declared a total dividend of 6.28p per share, up 4.7%.

'I have thoroughly enjoyed my time with St. Modwen and believe that the company is well placed for the future," Shannon said.

'Mark Allan is now firmly established as chief executive following his appointment in December 2016, the business is performing well and we have a new, more focused strategy that I believe is appropriate to the current environment.'

"It is therefore appropriate that the board thinks ahead and plans for chair succession.

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