EPIC Reconstruction PLC
26 January 2006
EPIC RECONSTRUCTION PLC
TRADING AND DIVIDEND UPDATE
EPIC Reconstruction Plc ('ER') is today pleased to announce that it has reached
agreement to sell its property portfolio comprising four properties for an
aggregate cash consideration of £7.35 million, comprising £6.4 million paid at
completion in respect of three of the properties and deferred consideration of
£0.95 million conditional on the provision of certain title documents relating
to one property. This will equate to a £1.2 million net cash gain for the
Company, or an IRR of 22%. The disposal proceeds will go towards funding the
dividend distribution to shareholders as well as providing capital for further
investment.
On the investment front, ER has recently completed the acquisition of Past Times
Ltd from the Administrators of Retail Variations Plc, Vantis Numerica. ER has
backed Will Hobhouse, formerly of Tie Rack and Whittards, to manage the
restructuring of this niche retail brand. ER has also completed four other
acquisitions in the financial year ending 31st January 2006.
In its interim results announced on 26th October 2005, ER stated that the
attainment of its dividend target would be highly dependent on asset sales.
Notwithstanding the significant asset value realised by ER on the above
disposal, the Board now expects that the final dividend to be proposed in
respect of the financial year ending 31st January 2006 will be approximately 5
pence per share, subject to the recognition and audit of all income and capital
gains for the current financial year.
Enquiries:
Giles Brand
EPIC Specialist Investments
020 7553 2341
This information is provided by RNS
The company news service from the London Stock Exchange
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