Additional Proceeds from 2013 Land Sale

RNS Number : 4951L

LPA Group PLC

11 January 2016

 

11 January 2016

LPA GROUP PLC

("LPA" or the "Group")

Additional Proceeds from 2013 Land Sale

LPA, the LED lighting and electro-mechanical system manufacturer and distributor, is pleased to announce that, pursuant to an 'overage' clause included in the £2.6m contract for sale of the Group's Tudor Works facility in Saffron Walden for a housing development in August 2013, the Group has been advised that the threshold for the development value of the site, above which overage payments would become payable, has been exceeded.

The additional proceeds to be received by the Group are not yet fully defined, but are likely to exceed £0.5 million (after commission and other costs).

An estimate of the additional proceeds will be included as an exceptional item in the results for the Group for the year ended 30 September 2015, which are expected to be published by 31 January 2016.

ENQUIRIES:

LPA Group plc
Peter Pollock, Chief Executive	Tel: [phone] or 01799 512844
Steve Brett, Finance Director	Tel: [phone] or 01799 512860
Cairn Financial (Nominated Adviser)	Tel: [phone]
James Caithie / Avi Robinson
WH Ireland (Broker)	Tel: [phone]
Tim Feather / Liam Gibben
Instinctif Partners (PR Adviser)	Tel: [phone]
Mark Garraway / Helen Tarbet

 

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