Early receipt of payment

RNS Number : 8076L

Gresham House PLC

05 October 2016

 

5 October 2016

Gresham House Plc ("Gresham House" or "the Company")

(AIM: GHE)

Gresham House receive early payment of £0.94 million

Gresham House plc, the specialist asset manager, is pleased to announce the early receipt of £0.94 million of deferred proceeds from the sale of the Newton-le-Willows site announced on 23 September 2015.

The purchaser has sold properties at the Newton-le-Willows site quicker than anticipated, triggering the early payment. The first scheduled repayment of £2.08 million due to the Company on 22 March 2017, will reduce to £1.14 million.

The Kleinwort Benson Bank Limited ("Kleinwort Benson") banking facility is secured against the deferred proceeds of the sale of Newton-le-Willows and in line with this agreement, £0.94 million has been repaid to Kleinwort Benson. The Company's borrowing under the facility now stands at £6.06 million.

Anthony Dalwood, CEO of Gresham House said,

"This is good news for the Company and demonstrates that the site at Newton-le-Willows is developing ahead of expectations. These accelerated sales give us confidence as we assess how to best realise value for our remaining land at Newton-le-Willows."

Enquiries:

Gresham House plc Anthony (Tony) Dalwood	020 3837 6270
Liberum Capital Ltd Neil Elliot Jill Li	020 3100 2000
Montfort Communications Rory King	[e-mail] 0203 770 7906

 

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