Michelmersh Brick Holdings PLC Sale of landfill site and pre-close statement (1914U)
January 16 2017 - 2:00AM
UK Regulatory
TIDMMBH
RNS Number : 1914U
Michelmersh Brick Holdings PLC
16 January 2017
16 January 2017
Michelmersh Brick Holdings Plc
("MBH" or the "Group")
SALE OF LANDFILL SITE AND PRECLOSE STATEMENT
Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick,
land development and landfill company, is pleased to announce that
it has exchanged contracts for the sale of the 25 acre former
Dunton Brothers brickworks at Chesham in Buckinghamshire, for a
total consideration of GBP2.68 million in cash, to London Green
Resources Limited. Subject to the procedures of the Environment
Agency completion will take place within 10 days of transfer of the
Landfill Permit, which given current guidelines, is likely to be
towards the end of H1 2017. The consideration is payable in full on
completion and the net proceeds will be added to the Group's cash
reserves.
The Group's audited accounts for the year ended 31 December 2015
included this plot of land in fixed assets as a landfill asset at a
value of GBP1.25 million and, after costs, the expected surplus on
sale will exceed GBP1 million. The asset will be disclosed in the
accounts to 31 December 2016 as a current asset for resale at the
expected net realisable value. The uplift in value, from the 2015
value to net realisable value, will be credited to revaluation
reserves in the Group's financial statements for the year ended 31
December 2016.
The Board expects to release the preliminary announcement of the
results for the year to 31 December 2016 on 20 March 2017. In
October 2016, the Group announced that it expected its financial
performance for 2016 to be at or around a similar level to that
reported for the full year 2015 and the Board confirms that
expectation. Cash generation was particularly pleasing with
year-end cash balances exceeding forecast.
This statement contains inside information
Enquiries: Michelmersh Brick Holdings
Frank Hanna, Joint CEO
Stephen Morgan, Finance Director 01825 430 413
Cenkos Securities plc
Bobbie Hilliam (NOMAD)
Harry Pardoe
Alex Aylen (Sales) 020 7397 8900
Yellow Jersey PR
Charles Goodwin 07747 788 221
Dominic Barretto 07768 537 739
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with five market
leading brands: Blockleys, Charnwood, Freshfield Lane, Michelmersh
and Hathern Terra Cotta. These divisions operate within a fully
integrated business combining the manufacture of clay bricks, tiles
and pavers. The Group also includes a landfill operator, New Acres
Limited, and seeks to develop future landfill and development
opportunities on ancillary land assets.
Established in 1997 the Company has grown through acquisition
and organic growth into a profitable and asset rich business,
producing approximately 72 million clay bricks, tiles and pavers
per annum. Michelmersh currently owns most of the UK's premium
manufacturing brands and is a leading specification brick and clay
paving manufacturer.
Michelmersh strives to be a well invested, long term,
sustainable, environmentally responsible business. Opportunity,
training and security for all employees, whilst meeting the needs
of stakeholders are at the forefront of everything we do. We aim to
lead the way in producing some of Britain's premium clay products
and enhancing our built environment by adding value to the
architectural landscape for generations to come.
We are Michelmersh Brick Holdings PLC: we are "Britain's Brick
Specialist".
Please visit the Group's websites at: www.mbhplc.co.uk and
www.bimbricks.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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