Business
Disposal of Freehold Property
Disposal of Freehold Property.
About this update from Feedback Plc
[{"type":"text","content":"\n \nRNS Number : 0393J Feedback PLC 11 July 2013 \n \n\n \n \n11 July 2013\nFeedback plc\n(\"Feedback\", the \"Company\" or the \"Group\")\n \nDisposal of freehold property\n \n \nOn 14 May 2013 the Company announced that it was in of the process of selling its freehold property at Park Road, Crowborough, East Sussex TN6 2QR (\"Property\"). Following that announcement the Company completed the sale of Feedback Data plc, which was the Company's last trading business, and became an Investing Company for the purposes of the AIM Rules. Other than some minor cash balances the Property is the only remaining asset in the Company. Consequently, the Disposal constitutes a fundamental change of business under Rule 15 of the AIM Rules and is therefore conditional on the approval of Shareholders.\n \nPrincipal Terms of the Disposal and Use of Proceeds\n \nThe Company will be seeking Shareholder approval to dispose of the Property for a consideration of not less than £940,000 in cash. \n \nIn the event that the purchase price agreed with a buyer is lower than £940,000 then the Company will not be able to conclude the transaction without first seeking the approval of its Shareholders at a further General Meeting convened for that purpose.\n \nThe proceeds of the Disposal, once concluded will be used to extinguish all of the Company's outstanding indebtedness, which amounts to approximately £200,000, with the remaining balance being retained for working capital purposes and used to make investments in accordance with the Investing Policy, details of which are set out below.\n \nReasons for the Disposal \n \nAs the Company no longer has a trading business the Company and its group no longer require the Property. The board are of the view that rather than retain the Property, greater returns can be achieved for Shareholders by selling the Property and reinvesting the proceeds. The Directors also believe that having a larger pool of capital to invest will broaden the opportunities that are available to the Company. \n \nNotice of a General Meeting\n \nToday, the Company will be posting to Shareholders a Circular and Notice of General Meeting calling a general meeting for 9.00 a.m. on 29 July 2013 at the offices of Sanlam Securities UK Limited, 10 King William Street, London E...