From 1998 to 2003, Mr. Mallmann was the President, Chairman and Chief Executive Officer of Del Cano Properties Trust where he led the successful turnaround of a distressed Real Estate Investment Trust (REIT) with a US$100,000,000 portfolio of 11 apartment properties located in Arizona and California. This included initiating a broad internal review of the company structure, operations and accounting records, resulting in legal action against former management where he successfully negotiated a multimillion-dollar settlement in favour of the Trust. Mr. Mallmann was also responsible for a series of corporate governance initiatives, such as the creation of risk management and audit committees, retaining new auditors, supervising the internal review of financial records by forensic accountants and reorganizing the corporate structure of the Trust to secure control of the assets. He then developed cost saving initiatives that resulted in a 51 percent (13 percent per annum) increase in gross revenues and a 115 percent (29 percent per annum) increase in net operating income. Finally, Mr. Mallmann negotiated the sale of the Trust’s entire real estate portfolio for US$108,000,000, providing shareholders with a full return of capital and a return on investment of over 12 percent per annum, which substantially exceeded original objectives and outperformed the Morgan Stanley REIT index by more than 30 percent over the same period. Prior to this, Mr. Mallmann was a Director and Vice-President of Vantage Securities Inc., where he structured the organization and financing of a variety of private placement and prospectus offerings from 1995 to 1998. He was involved in numerous financings including: real estate investment and development syndications; oil and gas royalty trusts and flow through limited partnerships; venture capital financings; mining flow-through share offerings; film, software and marketing tax shelters; and, various agribusiness ventures. Mr. Mallmann also created and established corporate finance policies, procedures and guidelines, and chaired the risk management committee, which analysed bonding, compliance, litigation, internal control systems and other risk management issues. Mr. Mallmann holds a BA, an MBA and a Law degree from the University of British Columbia. |