Origin Enterprises Plc Disposal of Cork Docklands Landholding (8594E)
July 09 2019 - 3:29AM
UK Regulatory
TIDMOGN
RNS Number : 8594E
Origin Enterprises Plc
09 July 2019
Origin Enterprises plc
Enters into Conditional Agreement
to Dispose of Cork Docklands Landholding
Disposal is subject to a number of conditions
which, if all fulfilled, results in a EUR3.5m gain
9 July 2019
Origin Enterprises plc ('Origin' or 'the Group') announces that
it has reached conditional agreement for the disposal of up to 31
acres of land owned by the Group in Ireland at South Docklands in
Cork ('Docklands') to O'Callaghan Properties for a cash
consideration of up to EUR47.5 million ('the Transaction').
The Cork Docklands area has been designated for future urban
development.
The Transaction is subject to the satisfaction of a number of
conditions necessary to realise the full disposal proceeds
including the granting of various permissions and approvals and the
relocation of the Group's existing operating business in Docklands
at an economically viable cost to an alternative location in
Cork.
O'Callaghan Properties is a well-established Cork based property
developer with an impressive 50-year track record of residential,
commercial and retail property completions in Ireland and the
UK.
The estimated gain on disposal is approximately EUR3.5m assuming
the full disposal proceeds are realised.
Commenting on the announcement, Origin Chief Executive Officer,
Tom O'Mahony said:
"We look forward to actively working with O'Callaghan Properties
and the wider stakeholders to unlock the potential of this highly
strategic asset to support the sustainable and progressive
development of Cork City in line with the Government's National
Development Plan 2040."
ENDS
Enquiries
Origin Enterprises plc
Sean Coyle
Chief Financial Officer Tel: +353 (0)1 563 4959
Brendan Corcoran
Head of Investor Relations and
Group Planning Tel: +353 (0)1 563 4900
Goodbody (Euronext Growth (Dublin)
Adviser)
Siobhan Wall Tel: +353 (0)1 641 6019
Davy (Nominated Adviser)
Anthony Farrell Tel: +353 (0)1 614 9993
Numis Securities (Stockbroker)
Stuart Skinner Tel: +44 (0)20 7260 1314
FTI Consulting (Financial PR
Advisers)
Patrick Berkery / Jonathan Neilan Tel: +353 (0)1 765 0884
About Origin Enterprises plc
Origin Enterprises plc is a focused Agri-Services group
providing specialist on-farm agronomy services, digital
agricultural services and the supply of crop technologies and
inputs. The Group has leading market positions in Ireland, the
United Kingdom, Belgium, Brazil, Poland, Romania and Ukraine.
Origin is listed on the Euronext Growth (Dublin) and AIM markets of
the Irish and London Stock Exchanges.
Euronext Growth (Dublin) ticker symbol: OIZ
AIM ticker symbol: OGN
Website: www.originenterprises.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRBLGDRBUGBGCI
(END) Dow Jones Newswires
July 09, 2019 04:29 ET (08:29 GMT)
Origin Enterprises (LSE:OGN)
Historical Stock Chart
From Apr 2024 to May 2024
Origin Enterprises (LSE:OGN)
Historical Stock Chart
From May 2023 to May 2024