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6 Jun 2008 12:59
๏ปฟ
Humbertsย (AIM: HUM), the national group of full service estate agents and valuers, announces today the sale ofย Richard Harding Estate Agentsย ("RHEA")ย for a total consideration ofย ยฃ1,060,000 of which ยฃ60,000ย was paid in cash and the balance represents the cancellation of the outstanding deferred consideration of ยฃ1,000,000
RHEAย operates fromย a high profile office inย Clifton,ย Bristolย and specialises in the sale of residential property.ย It hasย been sold back to the original Vendor. Richard Hardingย was purchased inย Septemberย 2007ย for aย maximumย totalย considerationย ofย ยฃ2,543,000ย of whichย ยฃ1.43mย was paid in cashย and ยฃ600,000ย in Humberts sharesย with the balance representing deferred consideration and acquisition costs.
In the year toย 31 March 2006, Richard Harding made profits of ยฃ627,000ย before partners' drawings on a turnover of ยฃ1,112,000.
In the one month period endedย 30 September 2007ย following the acquisition by the Group,ย Richard Hardingย made a profit ofย ยฃ22,000ย on assets ofย ยฃ22,000
In recognition of the current financial condition of Humberts Group plc, the Directors have concluded the disposal ofย RHEAย 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.ย
The proceeds from the sale ofย Richard Harding will be used to assist the Group's working capital position.
Following the above, Humbertsย willย continue to evaluate its options in the current challenging market and will updateย shareholders in due course with further actions it has taken.
- ends -ย
For further information:ย
Humberts Group plc - 020 7491 8888ย
John McLean, Executive Chairmanย
Michael Nower, Interim Chief Executive Officerย
Nigel Cartwright, Chief Financial Officer
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