LPA Group PLC
27 November 2007
LPA Group PLC
Potential sale of Saffron Walden site
LPA Group PLC ('LPA' or 'the Group') is a manufacturer and distributor of
lighting, power and electronics systems
In line with the Group's strategy, as outlined in the Annual Report published on
24 January 2007, the board has been evaluating a possible sale of its freehold
site at Saffron Walden, where there is potential to realise value for
shareholders by relocating manufacturing activity and selling the site for
residential re-development.
The board appointed King Sturge to advise on a fair value of the site and
separately sought and received a conditional offer of £2.2m for the 1.4 acre
site from a major house-builder. This offer is in excess of both the £0.5m book
value and the £1.045m existing use value.
An initial assessment of the site by King Sturge suggests that a sale could
realise a value in excess of the current offer. Given the potential profit from
a site sale, King Sturge has been instructed to begin formally marketing the
site and help identify suitable alternative premises to which to re-locate
manufacturing activity.
Peter Pollock, Chief Executive, comments:
'We are committed to maximising shareholder value. Given the interest in the
site and the significant potential profit that could be realised from a sale,
and the current window of opportunity allowed by the previously indicated gap in
our Saffron Walden programme, between the conclusion and recommencement of major
rail project work, we are actively assessing the cost and other issues
surrounding the relocation of activities from the site.'
27 November 2007
ENQUIRIES:
LPA Group PLC
Peter Pollock, Chief Executive Tel: 01799 512844
Steven Brett, Finance Director Tel: 01799 512860
Landsbanki Securities
Thilo Hoffman Tel: 020 7426 9000
College Hill
Gareth David Tel 020 7457 2020
This information is provided by RNS
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