Last checked at 30 Jul 2013 12:18
30 July 2013
Feedback plc
("Feedback", the "Company" or the "Group")
Disposal of freehold property
The Company is pleased to announce that it has disposed of its freehold property at Park Road, Crowborough, East Sussex TN6 2QR (the "Property").
Principal Terms of the Disposal and Use of Proceeds
The Company has sold the Property to Orbit South Housing Association Limited for a cash consideration of £940,000 together with a further nominal sum for environmental reports related to the Property.
The net proceeds of the disposal, amounting to £940,000, will be used to extinguish all of the Company's outstanding indebtedness of approximately £200,000, with the remaining balance being retained for working capital purposes and used to make investments in accordance with its Investing Policy.
Nick Shepheard, Executive Chairman, commented:
"I am pleased that the disposal of the Property is complete and the Company will now focus on implementing its Investing Policy to maximise shareholder value."
For further information contact:
Feedback plc | |
Nick Shepheard | Tel: 020 3289 7747
|
Sanlam Securities UK Limited (Nominated Adviser and Broker) | |
Simon Clements/Lindsay Mair | Tel: 020 7628 2200 |