Rotala PLC
03 May 2006
Press Release
3rd May 2006
Rotala plc
('Rotala' or 'the Company')
Acquisition of Birmingham freehold site
The Board of Rotala is pleased to announce that, as presaged in the announcement
dated 30th March 2006, the Rotala Group has completed the acquisition of the
freehold of Rotala's Birmingham property from The Flights Pension Trust of which
Geoffrey Flight and his family are the beneficiaries. Geoffrey Flight is also a
non-executive director of the company's two main operating subsidiaries.
This 4.5 acre site at Long Acre in Birmingham comprises a large hardstanding for
the parking of its fleet of coaches and chauffeur-driven cars, an extensive
multi-bay maintenance and repairs building, large stores buildings for parts, an
operations building and an office building.
The freehold has been acquired at a price of £2 million, of which £500,000 has
been paid in cash from Rotala's own resources and the balance provided by taking
out a commercial mortgage on the property.
A statement in accordance with Rule 13 of the AIM Rules that the transaction is
fair and reasonable insofar as the shareholders are concerned will follow in due
course.
The acquisition of the freehold interest in the depot gives the Company control
of its main operating base. This base offers extensive facilities to accommodate
expansion of the Company's business. It possesses sufficient office and
operational space to enable the group to benefit from the expected synergies to
be derived from future acquisitions. It is expected that there will also be a
small saving from the replacement of rent with mortgage interest payments.
For further information, please contact:
Nick Fox, M: Communications, 0207 153 1540 / 07711 727 618
This information is provided by RNS
The company news service from the London Stock Exchange
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