Mr Del Borrello

THE Perth-based Aspen Group, which operates a network of caravan parks all over Australia, has replaced managing director Angelo Del Borrello after a reported rift in its management team.

Executive director Gavin Hawkins takes his place.

The announcement came after the group went into a four-day stock market trading halt following media speculation over an alleged breakdown in the relationship between co-founder Mr Del Borrello and the board of directors.

The group said it wanted to prevent trading in an "uninformed" market.

Aspen Group's share price fell from $2.73 to a low of 23c under Mr Del Borrello, who is the fifth-largest shareholder in Aspen, one of Western Australia's most go-ahead property companies.

It stood at 46c on June 9, the day before the company requested a halt to trading.

Aspen Group chairman Reg Gillard said the change in management followed "significant consultation" between the board and executive management team.

"The change reflects what the board believes to be the appropriate executive structure to take the group forward and to ensure its continued growth and development as a quality national property and property funds management business," he said.

Mr Gillard said the board was "very appreciative" of Mr Del Borrello's contribution to the group.

"Angelo, as co-founding director along with Gavin, has played a key role in the development of Aspen," he said.

But he added: "We see the change having a positive effect on the group and its operations."

Mr Gillard believed the Aspen Group was well positioned to deliver growth in operating earnings.

The group's Aspen Parks division was formed in 2004 and now owns a portfolio of 25 quality holiday destinations in Western Australia, South Australia, Victoria, New South Wales and Queensland, with a total asset value of over $270 million.

BACK TO CARAVANNING NEWS MAIN PAGE