rumours on major company restructure?

PETER Hurley, managing director of Valad Property Group, has denied industry talk he is about to leave the listed property trust, following joint founder Stephen Day out the door.

Industry insiders have said Mr Hurley was leaving the company because Valad's major shareholder, Kevin McCabe, was unhappy with the current management.

Mr McCabe did not return calls seeking comment.

Mr Hurley said yesterday that the rumours were far from the truth. "I have heard from four journalists I am resigning, Kevin McCabe is in town and a South American group is taking us over.

"That isn't even a resemblance of what is happening," he said.

"You are not going to find me resigning in a week, or a year or a month or any of those sorts of things. I have no idea where the rumour has come from. I have just spoken to Kevin (McCabe) in London and we have had a good chuckle about it."

The rumours accompany speculation that Valad is about to announce a major company restructure in which an offshore party will take a major stake.

"We are still working on re-negotiating our debt in London," Mr Hurley said.

Stephen Day stepped down from the board this month.

Mr Day was joint managing director until 2004 and stepped down from his position as executive chairman last August, with his core involvement remaining executive director.

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