Helical Bar PLC
29 October 2004
29 October 2004
Helical Bar plc ('Helical Bar'/'Company')
SALE OF INDUSTRIAL ESTATES AND POTENTIAL RETURN OF CAPITAL
Helical Bar has exchanged contracts to sell its industrial assets at Newton
Aycliffe and Peterlee, County Durham to Carisbrooke Suon Limited Partnership for
a total cash consideration of £67.6 million (a price above last reported book
values). The estates comprise 2.2 million square feet of industrial and office
space together with 60 acres of land and ground rents producing a net income of
£5.275 million per annum. Completion is scheduled for 23 November 2004.
As a result of the sale and its impact on the Company's gearing, Helical is
considering a structured return of capital to shareholders. A further
announcement will be made in due course, as appropriate.
Contact:
Michael Brown Investment Director Helical Bar plc
Tel. 020 7629 0113
Email: pmb@helical.co.uk
Nigel McNair Scott Finance Director Helical Bar plc
Tel. 020 7629 0113
Email: nms@helical.co.uk
Stephanie Highett/ Financial Dynamics
Dido Laurimore Tel. 020 7831 3113
This information is provided by RNS
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