Hummingbird Resources Regulatory News (HUM)

2 Apr 2008 18:04

Humberts Group PLC02 April 2008 Humberts Group plc ("Humberts" or the "Group") Investment Properties sold for £315,000 Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces today the sale of Farleys Management Company Ltd (the"Company"). The Company's assets comprise a portfolio of eight properties, alllocated in South-West London. Of these eight properties, the Company owns thefreehold of six, and long lease-holds of two properties. The total considerationfor the Company is £315,000 payable in cash. The Company is being acquired by Mr Christopher James and Mr Timothy James andwill be renamed Kensington and Chelsea Investments Ltd. The properties were independently valued on 19th February 2008 for £338,000. Thepurchase price has been adjusted downwards to take into account future deferredtax liabilities. The profit before tax for the year ended 30 September 2007 was£50,000. Mr Timothy James has been both a director of Humberts Group plc and FarleysManagement Company Ltd within the last 12 months and as such, under the AIMRules for Companies, is classed as a related party of Humberts. The directors of Humberts consider, having consulted with Panmure Gordon (UK)Limited, its nominated adviser, that the terms of the transaction are fair andreasonable insofar as its shareholders are concerned. The proceeds from the sale of the Company will be used to strengthen the Group'sworking capital position. - ends - For further information: Humberts Group plc - 020 7491 8888John McLean, Executive ChairmanMichael Nower, Interim Chief Executive OfficerNigel Cartwright, Chief Financial Officer Panmure Gordon - 020 7459 3600Grant HarrisonMark LanderRakesh Sharma This information is provided by RNS The company news service from the London Stock Exchange