Information  X 
Enter a valid email address

Kalamazoo Comp Grp. (KLMZ)

  Print      Mail a friend

Monday 21 May, 2001

Kalamazoo Comp Grp.

Disposal of Land

Kalamazoo Computer Group PLC
21 May 2001

For immediate release                                               21 May 2001

                         KALAMAZOO COMPUTER GROUP plc

                               Disposal of land

Kalamazoo Computer Group plc ('Kalamazoo') has entered into an unconditional
agreement to dispose of approximately eight acres of land, at its fourteen
acre Head Office site in Northfield, Birmingham, for a consideration of £2
million plus VAT, to Landcrest Developments Limited ('Landcrest').

The development agreement entered into in September 2000, between Kalamazoo
and Landcrest, has been terminated. This leaves Kalamazoo free to agree terms
for  the development of a new International Head Quarters building and
associated commercial development on the prime tranche of its remaining land,
fronting the A38, when this becomes appropriate.

The consideration is to be satisfied in cash with £100,000 paid on exchange of
contracts, by way of non-refundable deposit, and the balance to be paid on
completion, which is expected to be 31 July 2001.

The net asset value of the land being disposed of was approximately £2 million
as at 30 September 2000.

The sale proceeds will be used to reduce Kalamazoo's Group indebtedness.

For further information contact:

Malcolm Roberts, Group Chief Executive
Margaret Ashworth, Group Finance Director
Kalamazoo Computer Group plc                         +44 (0) 121 411 2345

Richard Darby, Suzanne Dunne

Buchanan Communications                              +44 (0) 20 7466 5000


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