TIDMPRES

RNS Number : 2811R

Pressure Technologies PLC

05 July 2022

Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")

Sale and Leaseback of Roota Engineering Property

Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that it has completed a sale and leaseback of its freehold property occupied by Roota Engineering in Rotherham with Victoria Court Mews Limited.

The gross sale proceeds are GBP1.65 million in cash and the Company has a 15 year lease for the Property at an initial rent of GBP90k per annum, subject to three-yearly rent reviews linked to RPI, with a tenant only break option at the end of years five and ten.

The Property had a net book value of GBP750k as at 31 March 2022. Under IFRS 16, a right of use asset of approximately GBP1.07 million and associated lease liabilities worth approximately GBP1.07 million will be reflected on the Group's balance sheet and approximately GBP800k of the book profit on the disposal will be deferred and recognised in the Group's income statement over the period of the lease.

The proceeds will be used to reduce the Company's banking facilities.

For further information, please contact:

 
  Pressure Technologies plc            Tel: 0330 015 0710 
   Chris Walters, Chief Executive       PressureTechnologies@houston.co.uk 
   James Locking, Chief Financial 
   Officer 
   Singer Capital Markets (Nomad       Tel: 0207 496 3000 
    and Broker) 
    Mark Taylor / Asha Chotai 
  Houston (Financial PR and Investor   Tel: 0204 529 0549 
   Relations) 
   Kay Larsen / Ben Robinson

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

COMPANY DESCRIPTION

www.pressuretechnologies.com

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial and hydrogen energy markets.

The Group has two divisions, Chesterfield Special Cylinders and Precision Machined Components.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com

-- Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH.

Precision Machined Components (PMC) - www.pt-pmc.com

-- Precision Machined Components includes the Al-Met, Roota Engineering and Martract sites.

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END

DISEAXXLEDNAEFA

(END) Dow Jones Newswires

July 05, 2022 02:00 ET (06:00 GMT)

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