St. Ives PLC Statement regarding disposal of property assets (9468L)
July 25 2017 - 1:00AM
UK Regulatory
TIDMSIV
RNS Number : 9468L
St. Ives PLC
25 July 2017
This announcement contains inside information in relation to St
Ives
25 July 2017
St Ives plc
("St Ives" or the "Group")
Statement regarding the disposal of property assets
St Ives, the international marketing services group, announces
that on 24 July 2017 it completed the disposal of a wholly-owned
property on Storeys Bar Road, Peterborough ("the Property") for
GBP5.7 million in cash, to AEW UK REIT plc, a real estate
investment trust ("the Transaction").
The Property, which ceased to be used by the Group's operations
in March 2011, is leased to a third-party tenant and contributed
GBP0.4 million per annum to operating profit. The net book value of
the Property as at 27 January 2017 was GBP2.6 million. The net
proceeds of the disposal will be used to reduce the Group's Net
Debt.
The Transaction constitutes a class 2 transaction for the
purposes of the UK Financial Conduct Authority's Listing Rules.
- Ends -
For further information contact:
St Ives plc 020 7928 8844
Matt Armitage, CEO
Brad Gray, CFO
MHP Communications 020 3128 8100
Tim Rowntree / Giles Robinson / Gina Bell
This information is provided by RNS
The company news service from the London Stock Exchange
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