Receipt of ?10m Dividend & ?1.2m Consortium Relief

RNS Number : 9328R

Northacre PLC

23 November 2012

 

23^rd November 2012

Northacre PLC ("Northacre")

Receipt of £10m Dividend and

Receipt of £1.2m Consortium Relief

Receipt of Dividend

Northacre announces that it has received an interim dividend and consortium relief payment from Lancaster Gate (Hyde Park) Ltd, our joint venture with Minerva. The sums received were £10,000,000 in dividend and £1,199,457 in consortium relief. The receipt of the dividend represents the fourth interim dividend from the project, with the total received to date now £27,707,059. The proceeds of the dividend and consortium relief will be used to repay remaining debt of £1.76m (including interest) to Auster Real Estate Opportunities S.a.r.l. and other outstanding obligations of the business. After repayment of this debt and paying £1.9m in respect of the loan and profit share due to Northacre's pension fund, the net cash position of the Group will be c£10m.

As we noted at the year-end, the Board considers the payment of a dividend to Shareholders a priority, just as soon as sufficient profits are received from The Lancasters Development. In anticipation of this, we are required to re-organise our reserves and the Board intends to issue a Circular to Shareholders in order that this can be put to a General Meeting in due course. Any distribution would follow after sufficient further dividends are received from The Lancasters, which we anticipate would be during the first half of 2013.

Enquiries:

Northacre PLC

Ken MacRae (Chief Executive Officer & Finance Director)

Klas Nilsson (Chairman)

Tel: [phone]

Hudson Sandler Ltd

Michael Sandler

[phone]

Peel Hunt LLP (Nominated Adviser and Broker)

Capel Irwin

Harry Florry

Tel: [phone]

 

END

 

 

MSCFEEFMDFESEEF