Statement regarding disposal of property assets

RNS Number : 9468L

St. Ives PLC

25 July 2017

 

This announcement contains inside information in relation to St Ives

25 July 2017                             

St Ives plc

("St Ives" or the "Group")

Statement regarding the disposal of property assets 

St Ives, the international marketing services group, announces that on 24 July 2017 it completed the disposal of a wholly-owned property on Storeys Bar Road, Peterborough ("the Property") for £5.7 million in cash, to AEW UK REIT plc, a real estate investment trust ("the Transaction").

The Property, which ceased to be used by the Group's operations in March 2011, is leased to a third-party tenant and contributed £0.4 million per annum to operating profit. The net book value of the Property as at 27 January 2017 was £2.6 million. The net proceeds of the disposal will be used to reduce the Group's Net Debt.

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

Tim Rowntree / Giles Robinson / Gina Bell

 

END

 

 

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