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10 Jun 2008 07:00
Humberts Group PLC
10 June 2008 Humberts (AIM: HUM), the national group of full service estate agents and valuers, announces today the sale of BTFL, incorporating Weald Property Management ("BTFL") for a consideration of £1 and the waiver of £945,000 of deferred consideration.
BTFL is a significant Kent based rural and commercial estate agency based in Challock (Ashford) and Canterbury.
BTFL was purchased in October 2006 for a total consideration of £2,585,000 of which £910,000 was paid in cash and £480,000 in Humberts shares with the balance representing deferred consideration and acquisition costs. In the year to 30 September 2007, the combined BTFL business made a turnover of £1,438,000 and profits of £138,000 on net assets of £221,000. In recognition of the current financial condition of Humberts Group plc, the Directors have concluded the disposal of BTFL in a very short timeframe and consequently have not had sufficient time to seek prior consent of its shareholders to the terms of the transaction pursuant to Rule 15 of the AIM Rules for Companies. However, the Directors believe that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. In making this statement the Directors have taken into account the advice of its restructuring advisers. The proceeds from the sale of BTFL will be used to assist the Group's working capital position. Following the above, Humberts will continue to evaluate its options in the current challenging market and will update shareholders in due course with further actions it has taken.
For further information: Humberts Group plc - 020 7491 8888 John McLean, Executive Chairman Nigel Cartwright, Chief Financial Officer This information is provided by RNS The company news service from the London Stock Exchange END
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