26 Mar 2013 11:05
26 March 2013
New Trend Lifestyle Group PLC("NTLG" or "The Company")
Disposal of Property at 145/145A Sims Avenue ("the Disposal")
New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, is pleased to announce that it has disposed of the property at 145/145A Sims Avenue in Singapore (the "Property") to Nanyang Hardware Pte Limited ("Nanyang") for a consideration of S$3,350,000.
Background to the Disposal
In the admission document issued by NTLG in connection with its admission to AIM on 28 June 2012 the Company set out that it may be required to make the Disposal in order to comply with the relevant governmental authority in Singapore. It was subsequently established that NTLG was required to do so and this requirement has now been met through completion of the Disposal.
The principal terms of the Disposal are:
The Company has received gross proceeds of S$3,350,000 in cash from the buyer. The Property had an asset value of S$3,187,333 and the Disposal therefore generates a profit of S$162,667 for the Company. The Company will apply the cash proceeds to settle the loan raised on the property of S$2,220,203 and pay transaction costs estimated at S$476,958 . The balance of the proceeds will utilised for working capital.
Following the Disposal the Company will transfer the Sims Avenue business to new premises in Chinatown Point Mall.
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Indicative exchange rate at 21 March 2013: 1 Singapore Dollar (S$) to 0.526 GBP (£)
For further information:
NTLG Company
Investor Relations Department: IR@ntlglobal.com
NTL SZ. Tel: (86)755 2237 5082
Lawrence Cheung, Finance Director
Non-executive Chairman, Robert Goddard: Contact via Newgate Threadneedle,
Zeus Capital (NOMAD and broker)
Ross Andrews, Andrew Jones - Corporate Finance. Tel +44 (0)161 831 1512
John Goold - Institutional Sales. Tel: +44 (0)20 7016 8925
Newgate Threadneedle Tel: +44 (0)20 7653 9850
Graham Herring, Alex White, Heather Armstrong
About New Trend Lifestyle
The Company was established in 2005 by Master Hillary Phang. NTL's Feng Shui services include building and office design consultancy, astrology readings, marriage matching, aura readings and business talks and seminars for large corporations. These have recently been complemented by Tarot Cards readings and an on-line dating service using Feng Shui principles.
NTL is one of the leading branded Feng Shui consultancies in Asia, selling its services to a mixture of high profile businessmen, political figures, business enterprises and the general public. It provides lifestyle guidance to customers, which leads to the provision of a number of products and services.
Feng Shui is endemic in Chinese communities throughout the world and influences many aspects of personal, business and even Government activities and is the basis on which the Company has created a profitable business with a strong brand and deep-seated cultural drivers.