Radstone Technology PLC
05 November 2002
Radstone Technology PLC ("Radstone" or the "Company")
Sale of Property
Radstone Technology PLC announces that on Thursday 31 October 2002 it exchanged
contracts on its freehold property at Water Lane, Towcester (the "Property") for
a cash consideration of £4.1 million, which will be paid on completion. The
consideration compares with a net book valuation of approximately £1.348 million
at 31 March 2002, representing a profit on disposal of £2.752 million before
costs.
The sale is conditional upon vacant possession of the Property by Radstone and,
if the Board of Radstone believes it is appropriate, approval of the
shareholders of the Company.
The 1.98 hectare Property, currently serving as the head office and main UK
operating facilities of Radstone, comprises two floors of office accommodation
and several factory buildings. The sale of the Property is consistent with the
Company's previously stated relocation strategy.
An alternative location has been identified and a planning application for the
development of local purpose-built facilities is currently under consideration
by South Northamptonshire Council. On completion, the proceeds of the sale will
be put towards the cost of the relocation of Radstone, which is expected to take
place within the next two years.
Date: 5 November 2002
Enquiries:
Radstone Technology PLC +44 (0) 1327 359444
Charles Paterson, Group Managing Director
Jeff Perrin, Finance Director
This information is provided by RNS
The company news service from the London Stock Exchange