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5 Nov 2015 10:12
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microgen
www.microgen.com 5 November 2015
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MICROGEN PLC
("MICROGEN" or the "GROUP")
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PROPERTY DISPOSAL
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Microgen announces that it has exchanged contracts with Littleworth Properties Limited for the sale of the Group's freehold office in Fleet for Β£2.35 million. The carrying value of the property at 30 June 2015 was Β£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.
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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 Β£200,000 per annum.
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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.
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Contacts
Philip Wood, Group Finance Director 020-7496-8100
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