Announcement regarding GB Group Holdings Limited

RNS Number : 6679G

MJ Gleeson PLC

05 March 2015

 



5 March 2015

MJ GLEESON PLC

Announcement regarding GB Group Holdings Limited

MJ Gleeson (GLE.L) (the "Group"), the urban regeneration and strategic land specialist, has been notified that GB Group Holdings Limited ("GBGH"), in which the Group has a 25% shareholding, has given notice that it intends to appoint Administrators.  Consequently, the Group's £4.9m investment in GBGH is now considered to be at risk.  The Group's investment in GBGH was made in 2005 in order to facilitate a management buyout of the Group's building contracting division.  Any subsequent write down will be recorded as an exceptional, non-cash, item in the Group's results for the current year ending 30 June 2015.

Current trading remains strong with the Board remaining confident of delivering an underlying result for the year in line with current market expectations.

Enquiries:

MJ Gleeson PLC		Tel: [phone]
Jolyon Harrison	Chief Executive Officer
Alan Martin	Chief Financial Officer
Instinctif Partners		Tel: [phone]
Helen Tarbet
James Gray
N+1 Singer
Shaun Dobson		Tel: [phone]
Emily Watts Ben Griffiths

 

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