Received from PMG Friday.....16 Sep 2019 11:57
Not all my questions answered but this is what i got back on the farm......
Thank you for your recent enquiries.
The acquisition of wider energy opportunities is one part of the Parkmead Group’s growth strategy. This was highlighted in the last four sets of Parkmead results and in the Annual Report 2018.
The Acquisition of Pitreadie provides Parkmead with significant renewable energy opportunities – one of the large areas of land owned by Pitreadie spans 1,238 acres and lies adjacent to the Mid Hill Wind Farm which contains 33 Siemens manufactured and maintained wind turbines. Pitreadie will add a third revenue-generating business area to the Group, broadening Parkmead’s asset base.
Pitreadie owns 2,320 acres of land. A substantial land area of this size in the UK usually contains a number of property assets. All property on Pitreadie’s land is to be acquired by Parkmead as part of the acquisition. The land and property assets being acquired, assuming no upside from renewable opportunities, were independently valued by CKD Galbraith LLP at £7.59 million. CKD Galbraith LLP are a leading property consultancy in Scotland.
The acquisition of Pitreadie farm will be completed within the Company’s existing share allotment authorities, which were unanimously voted in favour at the 2018 Annual General Meeting.
Kind regards,
Enquiries Team
The Parkmead Group plc