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Change of Ownership of the
Wallem Group
31/03/2006
The Wallem Group announces that Mr Anthony Hardy is
officially retiring from his position as a shareholder
and non-executive board member (he is also a former
Managing Director and Chairman). Mr Hardy has been associated
with Wallem for 45 years. At the same time Wallem's
major shareholder, Caledonia Investments plc, have sold
their shares in Wallem.
I am very pleased to advise that a joint
venture between Tom Steckmest and Nigel Hill is the
new owner of Wallem. Tom Steckmest is a very successful
and highly regarded shipping investor based in Bergen,
Norway, and he is the great-grandson of our founder,
Mr Haakon Wallem. Nigel Hill has been associated with
Wallem for over 20 years from his time with Hill Samuel
Ship Finance and he has been a client and colleague
ever since.
This is an extremely positive development;
since it means that we will be able to expand our business
with the solid backing and involvement of the Wallem
family and very successful and experienced shipping
interests.
This change in ownership of the Wallem
Group will not cause any changes in the current management
structure or ownership of the various Wallem companies
- they firmly remain Wallem businesses with Wallem values
foremost in our minds.
Anthony Hardy commented on this development:
"I find it enormously gratifying that, on my stepping
out from Wallem after 45 years of fascinating involvement
with this fine shipping company, whose origins go back
to Shanghai in the late 1890s, my partner Caledonia
Investments plc and I can now transfer the ownership
of the Wallem Group to Tom Steckmest and Nigel Hill.
In so doing I am convinced that the many valued clients
of the Company will continue to be well served, as they
have been, by the management and staff, and all can
look forward to a stable and bright future - in which
the Wallem name and culture can proudly prevail"
Rob Grool
Wallem Group Managing Director
END
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