Anthony Page sheds executive role; key changes in Ceylon Theatres

Anthony A. Page FCA., Chairman and Managing Director of Ceylon Theatres Ltd. has resigned from the position of Managing Director of Ceylon Theatres Ltd., with effect from 31st March 2008, and as Chairman, Cargills (Ceylon) Ltd and CT Land Development Ltd with effect from the 24th March 2008.

He also resigned from the position of Company Secretary on 28th February 2008.

Louis R Page FCA, FCMA (a.k.a. Chutti) was appointed Chairman of CT Land Development Ltd. Sanjay Niles, ACA, ACMA has taken over as Company Secretary. Sunil Mendis (who is a director of Cargills (Ceylon) Ltd) and Jebba de Silva were also appointed to the Board of Ceylon Theatres Ltd.Anthony (a.k.a. Baba) joined the Company as a Personal Assistant to the Managing Director on 2nd January 1972 whilst awaiting results for the final part examination of the Institute of Chartered Accountants, Sri Lanka. He was thereafter appointed General Manager of the Company in 1976, Executive Director in 1982, and Managing Director in 1984 and Secretary of the Company in 1989. On the death of the Chairman, Albert A Page, he was appointed Chairman of the Company. He reached the age of 60 on March 21, 2008.Anthony had been contemplating stepping down from the executive position in the Group since his ill health in February 2006 but has held on only because of the on-going re-structuring process, the successful implementation of which was his ‘swansong’. After spending 37 years with Ceylon Theatres and being involved with the holding company in the acquisition of Millers Ltd in the late 70s and early 80s and then in the acquisition of the Lanka Ceramic Group in the late 90s which moved Ceylon Theatres Ltd. into the Diversified Holding Sector, thus making CTL the ‘new kid on the block’, it was indeed an emotionally charged moment for ‘Baba’ to say farewell as Managing Director of Ceylon Theatres Limited.His decision to step down was also in keeping with the concept of good corporate governance: that the responsibilities of Chairman & Managing Director should not be vested in one and the same individual.

The changes come hot on the heels of Millers merging with Ceylon Theatres Ltd, with the Registrar of Companies having already provided the certificate to amalgamate.

The company has also proposed a share split of 70 shares for every share presently in issue resulting in the number of shares in issue increasing from 2,249,268 to 157,448,760.

The name of the company will be changed from Ceylon Theatres Ltd to Ceylon Theatres Holdings Ltd to give a better reflection of the company as a diversified holding company.

These new measures are subject to necessary regulatory and shareholder approvals.