Business
Conditional Sale of Surplus Land
Conditional Sale of Surplus Land.
About this update from Norcros Plc
[{"type":"text","content":"\n \nRNS Number : 2692N Norcros PLC 31 August 2011 \n \n\n \nNorcros plc\n(\"Norcros\" or \"the Group\")\n \nConditional sale of surplus land\n \nNorcros, the home consumer products group, is pleased to announce that it has entered into an agreement with Optimisation Developments Limited, a subsidiary of WM Morrison Supermarkets plc, to sell part of its surplus freehold land holding for a cash consideration of £8.25m, although completion is conditional upon an acceptable planning consent being granted for the site.\n \nThe agreement requires the Group to complete certain infrastructure developments on the land which management anticipate will cost approximately £5.65m. The majority of these costs will only be incurred once acceptable planning consent has been granted and the agreement has become unconditional.\n \nTaking into account these development costs and the carrying value of the land of £1.8m, the Group anticipates reporting an exceptional profit of approximately £0.8m on completion which is currently anticipated in the financial year ending 31 March 2013. The net proceeds of approximately £2.6m will be used to reduce the Group's bank debt.\n \nWhilst the Group will do everything possible to obtain the required planning consent, there can be no certainty such consent will be granted. The Group will make a further announcement in due course.\n \n \n \n\n\n\n\nNorcros plc\n\n\n01625 549 010\n\n\n\n\nNick Kelsall, Group Chief Executive\n\n\n \n\n\n\n\nMartin Payne, Group Finance Director\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCollege Hill\n\n\n020 7457 2020\n\n\n\n\nMark Garraway\n\n\n \n\n\n\n\nHelen Tarbet\n\n\n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END AGRSDFFMSFFSEEA\n ","length":3505,"tagName":"div"}]