MJ Gleeson PLC Smaller related party land purchase (7865X)
May 02 2019 - 2:00AM
UK Regulatory
TIDMGLE
RNS Number : 7865X
MJ Gleeson PLC
02 May 2019
MJ Gleeson plc
"Smaller related party" land purchase
MJ Gleeson plc (GLE.L) (the "Company") has entered into a
conditional purchase agreement for 9.9 net developable acres of
land in Cumbria, for a cash consideration of GBP1,200,000 (the
"Acquisition"). The conditional purchase represents a prime
opportunity, at an approximate cost of GBP8,823.53 per plot, to
increase the Company's exposure in a region identified for further
growth.
The seller, Hampton Investment Properties Ltd ("HIPL"), is a
company in which North Atlantic Smaller Companies Investment Trust
plc ("NASCIT"), which is an internally managed UK Alternative
Investment Fund Manager ("UK AIFM"), listed on the London Stock
Exchange, and a substantial shareholder in the Company, holds a
majority interest. The Acquisition is therefore deemed to be a
"smaller related party" transaction within Listing Rule 11.1.10R.
In addition, Christopher Mills, a Non-Executive Director of the
Company, is considered a related party by virtue of his interest in
and directorship of NASCIT and his position as a director of
HIPL.
The Acquisition constitutes a substantial property transaction
under the Companies Act 2006 and is conditional on the receipt of
satisfactory planning permission. The purchase will only proceed
with the approval of a majority vote of shareholders. The Company
intends to post a notice of meeting in due course and likely only
once planning permission is obtained. Depending on timing the
necessary shareholder approval may be sought at the next AGM
(planned for December 2019) rather than at a separate meeting.
N+1 Singer, the Company's sponsor, has provided written
confirmation to the Board of the Company that the terms of the
Acquisition are fair and reasonable so far as the shareholders of
the Company are concerned.
2 May 2019
Enquiries:
MJ Gleeson plc Tel: +44 1142 612 900
Jolyon Harrison Chief Executive Officer
Stefan Allanson Chief Financial Officer
Instinctif Partners Tel: +44 20 7457 2020
Mark Garraway
James Gray
N+1 Singer Tel: +44 20 7496 3000
Shaun Dobson
Rachel Hayes
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END
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