Statement Re: Merivale Moore
July 10 2003 - 5:59AM
UK Regulatory
RNS Number:3897N
Warner Estate Holdings PLC
10 July 2003
Warner Estate Holdings PLC
STATEMENT RE: MERIVALE MOORE PLC
The Board of Warner Estate Holdings PLC ("Warner Estate"), has noted the
announcement made by Nest Egg Limited and its partners, concerning the proposed
offer to acquire the outstanding issued share capital of Merivale Moore PLC
("Merivale Moore").
Warner Estate has agreed to accept the offer in respect of its holding of
5,031,610 shares representing 25.9% of the issued share capital of Merivale
Moore.
The sale of Warner Estate's investment in Merivale Moore will realise a net
figure of #8.8 million. The proceeds of the disposal will be utilised to reduce
debt and to invest in future commercial property acquisition opportunities.
Philip Warner, Chairman commented,
" Our strategy is to focus on creating alliances with major financial
institutions to co-own and manage large portfolios of commercial property. Our
investment in Merivale Moore was a non-core asset, which, I am delighted to
report, has produced a significant return. We will be using the proceeds to
invest in further opportunities to create significant portfolios of properties
that we will inject into fund vehicles with our partners."
-ends-
Date: 10 July 2003
For further information contact:
Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Peter Collins, Finance Director Tel: 020-7448-3244
Richard Moore, Property Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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