RNS Number:0642K
Preston North End PLC
17 December 2007
Preston North End plc
("PNE" or the "Company")
Market Update on Preston North End Football Club's New Stand
The directors of PNE today confirmed that they have now agreed the construction
contract, funding arrangements and tenant lease for the development of the new
East Stand at the Deepdale Football Stadium.
The construction contract with MJ Fellows will see a new 3,700 seat stand with
executive boxes and hospitality lounges on the site of the now demolished old
Pavilion Stand. Completion of the new stand is scheduled for August 2008.
The project will also incorporate a Long Term Conditions Health Centre under a
partnership with Preston Primary Care Trust ("PCT"). The PCT have agreed to
occupy the premises pursuant to a 25 year lease with the Company (the "Lease").
An agreement to enter into the Lease has been signed with the PCT, and it is
intended the Lease will be executed when the stand has completed. A further
announcement will be made when that occurs.
As part of the funding for the development, the Company has arranged a £9m loan
with its bankers, Bank of Scotland Plc repayable over a period of 20 years.
For more information please contact:
Kevin Abbott, Preston North End: 0870 4421964
David Youngman, WH Ireland Limited: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
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