Sutton Harbour Holdings PLC
10 January 2007
Sutton Harbour Holdings plc ('the Company')
Announcement of Sale of DWP Building
The Company is pleased to announce that is has exchanged contracts for the sale
of the Department of Work and Pensions (DWP) building for a consideration of
£13.6 million. In addition, the Company retains a long leasehold interest in the
ground floor of the building which is the subject of a put and call option at a
fixed price of £1 million exercisable after May 2007.
As a result of the sale of the DWP building the profits from the property
regeneration division will be significantly greater than our previous
expectations. The transport division has continued to experience difficult
trading conditions and therefore lower than anticipated profits, so the profits
for the Company as a whole for the year ending 31 March 2007 are expected to
exceed slightly previous market expectations.
The funds released from the sale of DWP building will be reinvested in other
property regeneration projects.
This information is provided by RNS
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