Business
Potential sale of SW site
Potential sale of SW site.
About this update from Lpa Group Plc
[{"type":"text","content":"\n LPA Group PLC\n27 November 2007\n\n\nLPA Group PLC\n\n\nPotential sale of Saffron Walden site\n\n\nLPA Group PLC ('LPA' or 'the Group') is a manufacturer and distributor of\nlighting, power and electronics systems\n\n\nIn line with the Group's strategy, as outlined in the Annual Report published on\n24 January 2007, the board has been evaluating a possible sale of its freehold\nsite at Saffron Walden, where there is potential to realise value for\nshareholders by relocating manufacturing activity and selling the site for\nresidential re-development.\n\nThe board appointed King Sturge to advise on a fair value of the site and\nseparately sought and received a conditional offer of £2.2m for the 1.4 acre\nsite from a major house-builder. This offer is in excess of both the £0.5m book\nvalue and the £1.045m existing use value.\n\nAn initial assessment of the site by King Sturge suggests that a sale could\nrealise a value in excess of the current offer. Given the potential profit from\na site sale, King Sturge has been instructed to begin formally marketing the\nsite and help identify suitable alternative premises to which to re-locate\nmanufacturing activity.\n\nPeter Pollock, Chief Executive, comments:\n\n'We are committed to maximising shareholder value. Given the interest in the\nsite and the significant potential profit that could be realised from a sale,\nand the current window of opportunity allowed by the previously indicated gap in\nour Saffron Walden programme, between the conclusion and recommencement of major\nrail project work, we are actively assessing the cost and other issues\nsurrounding the relocation of activities from the site.'\n\n\n 27 November 2007\n\nENQUIRIES:\n\nLPA Group PLC\nPeter Pollock, Chief Executive Tel: 01799 512844\nSteven Brett, Finance Director Tel: 01799 512860\n\nLandsbanki Securities\nThilo Hoffman Tel: 020 7426 9000\n\nCollege Hill\nGareth David Tel 020 7457 2020\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]