Information  X 
Enter a valid email address

Foster(John) & Son (FTJ)

  Print      Mail a friend

Thursday 31 August, 2000

Foster(John) & Son

Contract

Foster(John) & Son PLC
29 August 2000


John Foster & Son plc announces that a contract for the sale of its
Reservoir site, Albert Road, Queensbury, West Yorkshire, its Sandbeds
site, Sandbeds, Queensbury, West Yorkshire and 4.9 acres of agricultural
land off Station Road, Queensbury, West Yorkshire has now been exchanged
with Bowthorpe  Limited, Douglas, Isle of Man for a gross value of
£100,000 in cash. Completion will be on 31 October 2000. These assets
have a nil net book value and generated an annual rental income of £500
per annum.

The land being sold is surplus to the Company's requirements and the net
proceeds will be used to repay the Company's debts.

The Company also announces that it has irrevocably agreed to enter into
two option agreements with Bowthorpe Limited relating to agricultural
land adjoining Station Road, Queensbury, West Yorkshire. The first option
covers 3.1 acres of greenbelt land and the second 1.7 acres. The option
agreements will be entered into upon completion of the sale referred to
previously.

The two option agreements will yield the Company 45% of the enhanced
value of this greenbelt land should outline planning permission be
obtained for the residential development of the land and the options exercised
by Bowthorpe Limited during the option period. Should the options not be
exercised during the option period then the land will revert to the Group. The
option period is for fifteen years and no fee has been paid for this option.

The disposal of the land covered by the option agreement has been approved by
the shareholders.



                                                                                
                                                                                

a d v e r t i s e m e n t