Dolmen Properties plc - Company Information

Corporate Governance

The company has four Directors who are appointed by its principal shareholder, Tumas Group Company Limited. The directors of the company who held office during the year were:

Three of the directors, Raymond Fenech, Yorgen Fenech, and Raymond Sladden, occupy senior executive positions within the Tumas Group of Companies. The other director is Michael Grech who serve on the Board in a non-executive capacity.

The external auditors of Tumas Investments plc are PricewaterhouseCoopers.

Yorgen Fenech- CEO Tumas Group

Yorgen Fenech has an enterprising personality.  He entered the family business (Tumas Group – a large and well diversified business organisation in Malta) at a tender age following on his father’s footsteps.  He was educated at St Edward’s College and following that, his tertiary education was in part academic as he embarked on studies at the University of Malta Legal Faculty, which was then cut short when he moved into the business field. Despite his young age he developed traits that usually come with years of experience.  He has been instrumental in growing the Group’s gaming and leisure segments and has held key executive roles in what is the backbone of the Group’s business, namely real estate.  He has been in charge of project management and development on the one hand and then moved into the sales and marketing sphere of this segment of the business.
Yorgen has also brought an international facet to the Group as he lately promoted and coordinated a number of a high ranking strategic investors to successfully tender for a LNG project in Malta in which he himself has a very active role.  This experience continues to expose him to international business and has proved to be a bridge building process from a global perspective for our Group.  He is today the CEO of the Group and is gaining further experience as he embraces strategy, policy formulation and corporate governance.  He sits on the Board of the holding company and on all the Group’s subsidiaries and associated companies ensuring involvement in all aspects of operations and investments.
His understanding of the Group’s business and his innovative contribution and approach bodes well for more organic growth and a diversifying process of the Group leading to the continued wellbeing of the business and its stakeholders. 

Raymond Fenech- Executive Director

Raymond Fenech has been involved for a number of years in the management of the hospitality division of the Tumas Group. In 1999 he was appointed Executive Director of the property division. In this capacity he was mainly involved in the re-organisation of this division and in overseeing the development of various real estate projects undertaken by the Tumas Group across the island. Mr. Fenech is presently a Director of all the companies within the Tumas Group.

Raymond Sladden

Ray Sladden is a Certified Public Accountant and a fellow of the Malta Institute of Accountants.  He is also an associate of the Chartered Institute of Bankers and the Association of Corporate Treasurers.  As from 1998, Mr. Sladden has held the position of Group Finance Director and Company Secretary.  He is also a Director of Tumas Gaming and Dolmen Properties plc, both Tumas Group subsidiaries.  Mr. Sladden has previously occupied the position of Financial Controller and subsequently Group Treasurer of AirMalta plc, the national airline.  He has held a number of directorships in various companies within the airline, hospitality, insurance and finance sectors.  Mr. Sladden is also founding member of the board of Trustees of the Tumas Fenech Foundation for Education in Journalism. 

Michael Grech B.A., LL.M.(Lond), LL.D., K.M.

Michael graduated Bachelor of Arts and Doctor of Laws from the University of Malta. He then pursued a Master of Laws at University College, London. He is a partner and heads the intellectual property department at GVTH Advocates.

His practice focuses on all aspects of intellectual property law including the representation of several multi-national clients in all aspects of IP law, including brand protection and anti-counterfeiting.

Michael also assists the firm’s commercial and corporate department and is part of the firm’s team on privatisation matters, advising the Government of Malta as well as private clients. He sits on the boards of a number of local companies including three publicly listed companies.

Michael is the Chairman of Teatru Manoel, Malta’s national theatre, and a member of the Boards of Governors of Fondazzjoni Patrimonju Malti and St. Edward’s College. He is a Knight of Magistral Grace of the Sovereign Military Order of Malta

Strategic Objectives

The company was incorporated on 30 June 2003 and was set up and established to own and administer returns from the investments relating to the Dolmen site and hotel. Moreover its aim is to finance major capital projects and/or refinance existing credit facilities related to the said property.
 
Dolmen Properties plc is the owner, on a freehold basis, of the land and buildings that constitute the New Dolmen Hotel and its amenities at Qawra, Malta. Dolmen Properties plc is also the 99.9% shareholder of Dolmen Complex Limited which is the operator of the hotel, with the remaining 0.1% being held by Tumas Group Company limited. Dolmen Properties plc therefore exercises full control and is the beneficial owner of all the profit and net cash flow streams arising from the operation of the hotel, in part by way of rental payments and in part through dividends and other transfers.

Company Structure

Share Capital 2014  
Authorised, issued and fully paid up
7,000,000 ordinary shares of € 2.329373 each
 €16,305,611  
Shareholding  
Spinola Investments Limited (C8034) 6,999,999 ordinary shares of
€ 2.329373 each
Tumas Group Company Limited (C7820) 1 ordinary share of € 2.329373