Worthington Group PLC
28 March 2006
Worthington Group PLC (the 'Company')
Property Disposal
28 March 2006
Worthington are pleased to announce that contracts for the sale of the
Eccleshill site were exchanged on Friday 24 March 2006. A sale has been agreed
subject to receipt of planning approval for the sum of £1,050,000, with
completion within 90 days of exchange. The sale will generate a profit on
disposal of some £674,000 before costs.
We have received a planning resolution from the Council, subject to the signing
of s106 planning conditions, which are as expected. The estimated cost of these
planning conditions has led to the reduction in the selling price from the
previously agreed sum of £1,200,000.
Full details of the sale will be included in the Class 1 circular which is
presently being prepared for shareholder approval of the Fence Avenue property
(previously announced on 6 March 2006)
The funds realised will be added to the existing cash resources that will be in
place following the sale of Fence Avenue.
J C Dwek CBE
Chairman
28 March 2006
Enquiries:
Worthington Group plc
Joe Dwek CBE, Chairman Tel: 01625 549082
This information is provided by RNS
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