Sale of Land and Properties
December 16 2009 - 12:06PM
UK Regulatory
TIDMDYS
RNS Number : 2550E
Dyson Group PLC
16 December 2009
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| For immediate release | 16 December 2009 |
+---------------------------------+------------------------------------------+
Dyson Group plc
("Dyson" or "The Group")
SALE OF LAND AND PROPERTIES
Dyson Group (LSE:DYS), the materials technology company, is pleased to announce
that, in line with its stated strategy of disposal of non-core property, it has
exchanged contracts (with completion set for 15 January 2010), for the sale of
its farmland and associated farm buildings on the Stannington, Crawshaw and
Ughill Estate in Sheffield.
This land and property has been sold in a number of separate lots to several
different parties to realise gross cash proceeds of GBP2,315,500 (GBP2,238,750
after costs). The land and property had a total Book value of GBP1,618,000 at
31st March 2009).
A number of the individual sales included in the above amount to Class II
transactions under the Listing Rules. These are detailed below:
1. Part of Bents and Griffs Farm to Mr. and Mrs. P. Gosney, Anna Gosney and William
Gosney Ltd at a price of GBP485,000 (Book value of GBP263,500)
2. Hills Farm and certain adjacent land to Distinfields Properties Ltd at a price
of GBP340,000 (Book value of GBP287,500)
3. Ughill Farm to W. H. Strawson Farms Ltd at a price of GBP535,000 (Book value of
GBP455,000)
4. Part of Bents Farm to a syndicate of buyers at a price of GBP420,000 (Book value
of GBP257,000) comprising of Graham Leslie Andrew and Thelma Kathleen Andrew,
Ronald Trevor Jarvis and Violet Jarvis, Julian Alexander Flewitt and Kerry Ann
Flewitt, Melanie Ruth Smart, Peter Granville Hogan and Julie Dawn Hogan, Richard
Lee Royston and Elizabeth Julie Royston, Gary Samworth and Shirley Rubina
Samworth, Margaret Flewitt, Michael Thomas Newsam and Gloria Jean Newsam, Howard
Key and Kathryn Elizabeth Key.
The consideration for the sale of all the land and property has been satisfied
by payment of a 10% deposit upon exchange of contracts. The balance will be
payable upon completion, which the Directors envisage will take place on 15
January 2010 or earlier with the agreement of the individual buyers.
The land and property was previously rented to a number of tenants, securing a
gross annual income of approximately GBP39,000.
The proceeds of these sales will be used to fund the ongoing restructuring and
reorganisation costs and/or working capital requirements of the Group.
For further enquiries, please contact:
+------------------------------------------+--------------------------------------+
| Dyson Group plc | Tel: 0114 235 5308 |
| Julian Cooper, Interim Chief Executive | Tel: 01439 771 900 |
| Officer | |
| Christopher Honeyborne, Chairman | |
+------------------------------------------+--------------------------------------+
| Buchanan Communications | Tel: 0207 466 5000 |
| Charles Ryland | |
| Catherine Breen | |
+------------------------------------------+--------------------------------------+
| KBC Peel Hunt | Tel: 0207 418 8900 |
| Julian Blunt (Corporate Finance) | |
| Nicholas Marren (Corporate Broking) | |
| | |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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