Mr Radzyminski acknowledged Mr Skelton’s contribution to the company, particularly in the development of the 13cabs app, which introduced a fixed price fare option to differentiate itself against the surge pricing that exists on the apps of ride-sharing groups such as Uber. We think that the company has been underappreciated by the market for far too long.“ We’re keen and excited that the company is conducting a strategic review. “All the individuals involved have done the right thing. Mr Radzyminski welcomed A2B’s management and board changes. Now, the property deal will be part of the strategic review being undertaken at A2B. The taxi group said the value of the new property and office building it would own would be $135 million.Īddenbrooke has not disclosed its development plans for the 8489 sq/m site it would gain in the deal. As part of the swap transaction, Addenbrooke would build A2B a nine-storey office complex, with a lettable area of 9634 square metre that A2B would own as part of the deal.
An independent valuation by JLL, commissioned by one of A2B’s shareholders Sandon Capital, said the A2B site was worth $77.4 million.Ī2B intended to exchange its property for Addenbrooke’s - the latter’s land is estimated to be worth around $20 million by the NSW government.
Addenbrooke’s property shares a boundary with A2B’s site.Ī2B’s site is a five-minute walk from Green Square, which has been one of the country’s biggest urban renewal projects in the past decade, where a train station, supermarkets and cafes have been developed in recent years alongside thousands of apartments in an area that used to be mostly commercial and industrial.Ī2B said the value of its property was $57 million but a NSW government valuation said the land was worth $71 million. He also said that A2B had “materially under-reported the value of its property assets for some time”.Ī2B intended to swap an 8489 square metre unimproved site it owns in Alexandria, a suburb 4 kilometres from Sydney’s CBD, with land owned by Addenbrooke that is 2440 square metre in size. As well, he argued the company had not disclosed whether it went through a competitive process in its decision to dispose of the land. In a letter sent to A2B’s board and management in January, Sandon Capital founder and chief investment officer Gabriel Radzyminski said the proposed land swap transaction created a tax liability for A2B. The land swap transaction, which was set to be finalised in May, had drawn the ire of some of A2B’s biggest shareholders, Sandon Capital and Investors Mutual, who wanted the MoU with Addenbrooke abandoned. The Sydney Morning Herald and The Age reported last week that A2B had entered into a memorandum of understanding with the property development company Addenbrooke, owned by Sydney’s wealthy O’Neil family, in which the two would undertake a controversial land swap deal. A2B, which was formerly known as Cabcharge but changed its name in 2018, operates nationally with brands such as 13cabs and Silver Service.
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