Further update re Chandos Tennis Club

RNS Number : 4114W

Safeland PLC

07 November 2014

 



Safeland plc ("Safeland" or the "Company")

Further Update re Chandos Tennis Club

Further to its announcement of 14 May 2014, Safeland is pleased to announce that, planning consent having been obtained, it has sold the Chandos Tennis Club to a prominent housebuilder to develop the site. The consideration payable comprises £4.0 million in cash, which has been received, and the balance will be satisfied by way of the transfer to Safeland of four detached houses (valued by the Company's directors in aggregate at £9.2 million) in the completed development.

The development is expected to be completed, and these houses are anticipated to be transferred to the Company, in June 2017. The potential additional overage payments referred to in the announcement of 14 May may still be payable to Safeland on completion of the development.

The cash consideration received will be used to redeem bank debt secured on the property.

Contacts:

Larry Lipman

Managing Director, Safeland Plc                                                               T: 020 8815 1600

Tom Griffiths

Westhouse Securities Limited                                                                   T: 020 7601 6100

 

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