Correction : Sale of Property

This announcement replaces the announcement of Sale of Property that was issued at 07:00 on 28 September 2018. In the second paragraph the bank facility with HSBC has been corrected to £300,000. All other information is unchanged.

28 September 2018

PHSC PLC

Sale of Property

PHSC plc (“PHSC” or “the Group”), a leading provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, is pleased to announce that it has now exchanged contracts with GMP Holdings Limited for the sale of its Essex property for £305,000 in cash.  The property was previously occupied by the Company’s now discontinued asbestos consultancy business, Adamson’s Laboratory Services Limited, and was not required for the Group’s other operations .

After legal costs and agent’s fees, we anticipate that there will be net cash proceeds of £290,000 to the Group from the sale which will be used for general working capital purposes.  The net proceeds will also strengthen our overall cash position and allow us to seek to reduce the size of our banking facility with HSBC from £300,000 to £150,000 when it is renewed in November 2018.  The book value of the property as at 31 March 2018 was £134,631.

The sale is expected to complete today.

For further information please contact:

PHSC plc
Stephen King                                                                                     01622 717 700
[e-mail]
www.phsc.plc.uk

Strand Hanson Limited (Nominated Adviser)                     020 7409 3494
Richard Tulloch/Frederick Twist

Novum Securities Limited (Broker)                                         020 7399 9427
Colin Rowbury
 

About PHSC

PHSC plc, through its trading subsidiaries Personnel Health & Safety Consultants Ltd, RSA Environmental Health Ltd, QCS International Ltd, Inspection Services (UK) Ltd and Quality Leisure Management Ltd, provides a range of health, safety, hygiene, environmental and quality systems consultancy and training services to organisations across the UK. B2BSG Systems Ltd offer innovative security solutions including tagging, labelling and CCTV.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").