Property Sale and Leaseback
October 02 2006 - 3:02AM
UK Regulatory
RNS Number:7574J
Asfare Group plc
02 October 2006
Press Release 2 October 2006
Asfare Group plc
("Asfare" or "the Company")
Property Sale for #1.3m and Leaseback Concluded
Asfare Group plc, a leading supplier of products and services to the emergency
and homeland security markets is pleased to announce that it's wholly owned
subsidiary, Todd Research Limited, has sold its' freehold property in Chelmsford
for #1.3m. The property was part of the original assets of Todd Research Limited
whose shares were acquired in November 2005 for a consideration of #1.65m. The
funds from the sale will reduce the current debt levels in the business.
Simultaneously an agreement has been signed to leaseback part of the building.
The reduced requirement for space reflects the outsourcing by Todd Research of
the metal box build capability which was previously undertaken at Chelmsford.
- Ends -
For further information, please contact:
Enquiries:
Asfare Group plc www.asfare.com
Tony O'Neill, Chief Executive
Tim O'Connor, Finance Director Tel: +44 (0) 2380 861 966
Seymour Pierce
Mark Percy Tel: +44 (0) 20 7107 8000
Media enquiries:
Abchurch Communications
Charlie.jack Tel: +44 (0) 20 7398 7700
charlie.jack@abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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