Joel Cann resigns as listed accommodation firm Aspen Group's chief executive

Joel Cann has resigned from Aspen Group to pursue another opportunity.

His resignation will take effect on Friday 12 April 2019.

Clive Appleton, chairman of Aspen Group, has thanked Cann for his efforts over the past two and a half years.

The listed property minnow Aspen Group appointed the property veteran in September 2016.

Cann joined Aspen from AMB Capital Partners, where he was the founding managing director.

Last month Aspen Group announced its financial results for the year ended 31 December 2018 recording a statutory profit of $0.4 million, the significant components of which include:

• Operating profit after tax of $1.5 million

  Offset by:

• Revaluation decrement of $0.7 million;

• Acquisition costs incurred of $0.2 million; and

• Professional fees of $0.2 million.

Cann said 1H FY19 continued the significant steps taken towards a goal of being a major owner and operator in the Australian affordable accommodation sector.

It acquired its sixth tourism park, Highway 1 in Adelaide SA, which was settled in Q2 FY19.

The acquisition was valued at $23 million.

He noted headwinds at a number of assets including Darwin FreeSpirit where corporate accommodation demand fell in line with reduced major project activity, Adelaide came off of a strong FY18 period that include Ashes and major event activity whilst Tomago reduced available inventory pending the redevelopment work to be undertaken in that business.

Development activity significantly advanced during the half with the majority of civil works completed at Four Lanterns in Leppington NSW.

There are 11 residences on site with sales activity resulting in five confirmed sales.

It has also commenced initial works at Tomago in preparation for stage 1 of the 52-site expansion.

The sale of its final non-core asset at Midland WA was completed during 1H FY19, bringing to a conclusion the restructure of the group to an affordable accommodation provider.

The business finished in a net debt position of $16.3 million at the end of the year, post the Highway 1 acquisition, and has $25 million of capacity to deploy towards future acquisitions and investments.