Caledonian Trust PLC Update on proposed sale of Ardpatrick Estate (5084T)
March 25 2021 - 6:16AM
UK Regulatory
TIDMCNN
RNS Number : 5084T
Caledonian Trust PLC
25 March 2021
25 March 2021
Caledonian Trust plc
("Caledonian Trust" or the "Company")
Update on proposed sale of Ardpatrick Estate
Caledonian Trust, the Edinburgh-based property investment
holding and development company, announced on 16 December 2020 that
it had entered into an agreement to sell Ardpatrick Estate, the
Company's largest rural development property, for a cash
consideration of GBP2.7 million (exclusive of VAT) to two private
individuals (the " Proposed Disposal ").
Under the terms of the missives entered into on 15 December 2020
there is no conditionality to completion of the Proposed Disposal
other than standard contractual terms as expected on a residential
property sale. It had been anticipated that the completion of the
Proposed Disposal would take place on 24 March 2021. However, to
facilitate the practicalities of the completion of the Proposed
Disposal both parties have agreed to extend the completion date to
23 April 2021.
The consideration will be payable in cash to Caledonian Trust
upon completion. As previously announced a deposit of GBP270,000 in
cash has been lodged with Caledonian Trust's solicitors. The
Company intends to use the net proceeds from the Proposed Disposal
to provide funding for the Company's existing property development
programme, repay certain existing debt and provide general working
capital.
Ardpatrick Estate occupies a peninsula in Knapdale, Argyll, in
Scotland looking towards Islay and Jura, on the north-west side of
West Loch Tarbert. In addition to Ardpatrick House (1769 before
extensions) the property extends over 1,000 acres with circa 10km
of coastline, commands striking views and includes a grassland
farm, moorland and rough grazing, an ancient oak forest, a
commercial forest, a private beach, a named island, sporting rights
and moorings.
Further details on Ardpatrick Estate and the Proposed Disposal
can be found in the Company's announcement released on 16 December
2020.
The Company will release further announcements on the Proposed
Disposal at the appropriate time.
Enquiries:
Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer Tel: 0131 220 0416
Mike Baynham, Finance Director Tel: 0131 220 0416
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas Tel: 0203 328 5656
Alex Brearley
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END
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