EMIRA Property Fund chief executive James Templeton has resigned effective from the end of August to pursue personal interests outside the listed property sector. The fund said yesterday the process to replace Templeton was under way and it expected to make an announcement shortly in this regard. Ben van der Ross, the chairman of the Emira board, thanked Templeton for his contribution as chief executive of the fund since July 2004. Emira reported a 9 percent growth in distributions for the six months to December and has forecast a similar outlook for the year to June.

The company’s shares on the JSE closed down 2.79 percent to R16.72 after falling to R16.46 earlier on the day, which was the stock’s lowest level since December 11. – Roy Cokayne