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2 Jun 2009 12:09
FBD Holdings PLC
2 June 2009
La Cala, Tranche II Update
In its Interim Management Statement on 29 April 2009, FBD Holdings plc ('FBD' or the 'Group') announced that the deadline for receiving the planning permission on the Tranche II lands at La Cala under the sale agreement was approaching and that the Group depended on the relevant local authorities to complete the process within the required timeframe.
While the Group has always vigorously pursued the planning permission, the speed of the planning process was outside of the Group's direct control. It has now become clear that the relevant local authorities will not be in a position to complete the process before 21 June, the deadline stipulated.
Under the terms of the sale agreement the purchaser is obliged to transfer legal title to the Tranche II land to the Group within 15 working days of 21 June 2009.
The foregoing will have no impact on the Group's earnings or net assets.
For Reference: Telephone
FBD
Andrew Langford, Group Chief Executive + 353 1 409 3208
Cathal O'Caoimh, Group Finance Director + 353 1 409 3208
Murray Consultants
Joe Murray + 353 1 4980 300
Elizabeth Headon + 353 87 989 7234
ENDS
FBD Holdings plc, FBD House, Bluebell, Dublin 12, Ireland.
Registered in Dublin, Ireland. Registered Number 135882.
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