Property rationalisation

Anite Group PLC 10 August 2004 For immediate release Tuesday, 10 August 2004 Anite Group plc Acquisition of freehold property Anite Group plc ('Anite' or 'the Group'), the worldwide IT solutions and services company, today announces that it has recently exchanged contracts on the purchase of a freehold property in Fleet, Hampshire, with the intention of consolidating the activities of its Telecoms division into this one site. The total cost of the property, including fit out, is expected to be in the region of £5 million, to be financed from Anite's existing cash resources. Completion is anticipated to take place by the end of October, with occupation by the end of the current financial year. This consolidation is expected to provide both long-term property cost savings and efficiencies as well as benefits to the management and operation of the Telecoms business. As part of the transaction, which involves staff being moved from the existing four sites currently occupied in and around Fleet, the vendor is acquiring an onerous lease on one of the existing sites, enabling Anite to exit this commitment, the costs of which have already been provided for. Commenting on the property acquisition, Steve Rowley, Anite's Chief Executive, stated: 'This transaction represents further progress with respect to the resolution of legacy issues, such as surplus property, which has been a key part of our consolidation, integration and cost cutting activity. This new site for Anite's Telecoms business is expected to benefit the management and operation of the business.' - Ends - For further information, please contact: www.anite.com Anite Group plc 01753 804000 Steve Rowley, Chief Executive Christopher Humphrey, Group Finance Director Smithfield 020 7360 4900 Reg Hoare/Tehsin Nayani This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings