Bailey(C.H.) PLC Payment of deposit on remaining property in Malta (1625C)
April 12 2013 - 1:00AM
UK Regulatory
TIDMBLEY
RNS Number : 1625C
Bailey(C.H.) PLC
12 April 2013
C H Bailey plc
Date: 12 April 2013
Payment of deposit on remaining property in Malta
CH Bailey plc ("the Company"), the diverse group of businesses,
with investments and operations around the world in Leisure,
Property principally in Tanzania and Malta and a UK engineering
business, is pleased to announce the receipt of the deposit of
EUR400,000 in relation to the sale of their remaining property in
Malta.
As announced on 9 September 2011, St George's Bay Hotel Limited
("SGBH"), a wholly owned subsidiary of the Company, agreed with
Garnet Investment Ltd ("GIL") to vary the Main Site Agreement,
being the conditional promise of sale under Maltese law dated 9
October 2009 and made between (1) SGBH and (2) GIL in relation to
the remaining property. As a result, GIL had been given until 30
March 2015 to complete the purchase of the Group's remaining
property for a consideration of EUR13,743,283. As part of the
variation, GIL agreed to pay to SGBH a deposit of EUR400,000 by no
later than 30 March 2013.
We can confirm that this deposit has been received and,
accordingly, that a second ranking charge over the Old Villa in
Malta and adjoining areas granted to SGBH by GIL is
extinguished.
Further particulars of the original arrangements were set out in
the circular to shareholders of the Company dated 12 October 2009.
A copy of the Circular (12 Oct 2009), and of the revised terms of
sale (9 Sep 2011), are both available on the Company's website:
www.chbaileyplc.co.uk.
Contacts:
CH Bailey plc
Bryan Warren, Company Secretary +44 (0) 1633 262 961
Arden Partners plc
Richard Day, Jamie Cameron
+44 (0) 207 614 5900
This information is provided by RNS
The company news service from the London Stock Exchange
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