Statement regarding disposal of property assets

RNS Number : 0803H

St. Ives PLC

05 June 2017

 

This announcement contains inside information in relation to St Ives

5 June 2017                              

St Ives plc

("St Ives" or the "Group")

Notification of a Class 2 Transaction

Statement regarding the disposal of property assets (DIS)

St Ives, the international marketing services group, announces that, on 2 June 2017, it completed the disposal of a wholly-owned property at Victoria Business Park, Roche, Cornwall ("the Property") for the sum of £4.2 million, payable in cash, to Rodenhurst Estates Limited, a property investment company ("the Transaction").

The Property is leased to a third party tenant and contributed £0.4 million per annum to operating profit. The net proceeds of the disposal of the Property will be used to reduce the Group's Net Debt. The net book value of the Property as at 27 January 2017 was £4.9 million.

The Transaction constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules.

- Ends -

For further information contact:

St Ives plc                                                         020 7928 8844

Matt Armitage, CEO

Brad Gray, CFO

MHP Communications                                      020 3128 8100

John Olsen / Giles Robinson / Gina Bell

 

END

 

 

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