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5 Nov 2015 10:12
microgen
www.microgen.com 5 November 2015
MICROGEN PLC
("MICROGEN" or the "GROUP")
PROPERTY DISPOSAL
Microgen announces that it has exchanged contracts with Littleworth Properties Limited for the sale of the Group's freehold office in Fleet for £2.35 million. The carrying value of the property at 30 June 2015 was £3.9 million and a non-cash impairment charge will therefore be taken in the 2015 financial year. Completion of the transaction is scheduled for the first half of 2016.
Employees will be relocated to a smaller leasehold office in the Fleet area. It is anticipated that the Group's on-going overhead costs will reduce by approximately £200,000 per annum.
The Group's Financial Systems business, the principal occupier of the office, will retain the proceeds of the sale which will provide additional funding for the defined strategy of add-on acquisitions in the wealth management sector. Three acquisitions have been completed in the past year.
Contacts
Philip Wood, Group Finance Director 020-7496-8100
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