Completion of Countrywide's LSH sale delayed

(Sharecast News) - Countrywide Properties was in the red on Friday as it said completion of the sale of its commercial arm had been hit by delays.
The company said in November that it had agreed to sell Lambert Smith Hampton to John Bengt Moeller for ?38m in cash. Completion was subject only to the approval of its shareholders, which was given on 27 December.

However, Countrywide said in a statement that completion of the sale has been delayed due to John Bengt Moeller being indisposed in January and "due to logistical difficulties relating to the transfer of the requisite completion monies".

The company said it has been re-assured that completion is "imminent".

"The company continues to work with Mr Moeller to resolve this situation urgently and is taking all necessary steps to achieve completion as soon as possible."

Countrywide - which said in November that the deal would "significantly improve" its capital structure and allow it to "materially" reduce its net debt - will update shareholders "as appropriate in due course".

At 1030 GMT, the shares were down 4.1% at 349.15p.