Sale of Flat
July 18 2003 - 5:35AM
UK Regulatory
RNS Number:7072N
Northacre PLC
18 July 2003
NORTHACRE PLC
("Northacre" or "the Group")
Sale of Flat
Northacre Group PLC has agreed to grant a long lease over a flat comprising part
of the premises occupied by the company at 48 Old Church Street to Mr John
Hunter, a director and shareholder of the company.
The lease is being granted for #475,000 cash on completion, which is the book
value of the property following a revaluation of the premises in April 2003 by
Messrs Cushman Wakefield Healey and Baker.
The flat is now surplus to requirements following an internal reorganisation of
staff accommodation and the proceeds are being utilised in full to reduce the
company's bank borrowings.
The directors of the company (other than Mr Hunter), having consulted with the
company's nominated adviser, consider that the terms of the transaction are fair
and reasonable in so far as the company's shareholders are concerned.
18 July 2003
Enquiries:
Northacre PLC Tel: 020 7349 8000
Simon Elgar, Finance Director
College Hill Associates Tel: 020 7457 2020
Kate Pope
This information is provided by RNS
The company news service from the London Stock Exchange
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