Business
Freehold Properties Disposal
Freehold Properties Disposal.
About this update from Checkit Plc
[{"type":"text","content":"\n Elektron PLC\n01 February 2007\n\n\nFor immediate release 1 February 2007\n\n\n\n\n\n\nElektron Plc\n\nDisposal of Freehold Properties\n\n\n\nFollowing completion of the purchase of the entire share capital of Howle\nHoldings Plc ('Howle') announced on 18 December 2006 for a consideration of\n£3,077,000, Elektron Plc ('Elektron') announces that on 31 January 2007 it\nexchanged contracts for the sale and leaseback of four of the five freehold\nfactories owned by Howle for a cash consideration of £4,415,000 with annual\nrentals of £343,500. It is anticipated that the transaction will not materially\naffect earnings. Completion is to take place within 4 weeks.\n\n\nThese properties had previously been included in Howle's published interim\naccounts as at 31 March 2006 at a valuation of £4,685,000 and comprised premises\nin Tenbury Wells, Princes Risborough and Clacton. The proceeds will be used to\nreduce Howle debt by approximately £2.1 million with the remainder added to cash\nreserves.\n\n\nThe purchaser is Panther Securities Plc, which together with its Chairman Mr.\nAndrew Perloff and associates, holds 13,260,909 ordinary shares of 5p each in\nElektron representing 15.29% of the issued share capital and is consequently a\nrelated party.\n\n\nThe Directors of Elektron, having consulted with its Nominated Adviser, Beaumont\nCornish Limited, consider the terms of the transaction to be fair and reasonable\ninsofar as its shareholders are concerned.\n\n\n\n\n\nFor further information, please contact:\n\n\nChris Leigh\n\nElektron Plc\n\nTel: 01708 677269\n\n\n\nMichael Cornish\n\nBeaumont Cornish Limited\n\nTel: 0207 628 3396\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1803,"tagName":"div"}]