SNCL Sinclair Will.

TIDMSNCL

RNS Number : 8123Q

Sinclair (William) Holdings PLC

09 November 2012

9 November 2012

William Sinclair Holdings PLC

('William Sinclair' or 'the Company')

Planning Permission at Chat Moss

William Sinclair, one of the UK's leading suppliers of growing media, announces that it has just been informed that its appeal to overturn the failed planning permission application to harvest peat at Chat Moss near Salford has been turned down by the Secretary of State for the Environment.

Although the Secretary of State agreed with the inspector that "the [Planning] Framework does not preclude planning permission for continued peat extraction on sites that have already been worked for peat" (such as Chat Moss) he also agreed that "the release of peat resources in Chat Moss would frustrate the move from peat to non peat media and discourage the development and take up of peat substitutes." William Sinclair leads the UK market in non peat growing media and recently announced a 200% increase in production capacity of SuperFyba, a material developed by the Company and the best peat alternative available.

The loss of the appeal will result in an impairment review of the carrying value of the property and an exceptional charge in the group income statement. This will be a non cash item.

Bernard Burns the CEO said "I am disappointed at the Minister's decision and view Government policy on peat as incoherent. Nevertheless William Sinclair is in an ideal position to take advantage of the move toward non peat growing media."

William Sinclair is reviewing its options with regards to the future of Chat Moss.

For further information:

www.william-sinclair.co.uk

 
 William Sinclair Holdings   Tel: 01522 537561 
  Plc 
 Bernard Burns, Chief Executive 
 Peter Williams, Finance Director 
 
 
 WH Ireland Limited 
 Andrew Kitchingman   Tel : 0113 394 6619 
 Nick Field           Tel : 0207 220 1658 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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