Pacific Global Regulatory News (PCH)

23 Sep 2005 16:45

Pochin's PLC23 September 2005 Pochin's PLC Sale of Property at Crewe Green Appointments to the Board The Board is pleased to announce that it has today completed the sale of a majordevelopment property at Crewe Green to a private consortium for a considerationof £30 million, payable in cash at completion. The property is a 790 bed purpose built on-campus hall of residence that will beoccupied by Manchester Metropolitan University. The proceeds from the sale will be used to repay the £19 million of bankfacilities used to finance the development, with the balance being re-investedinto the Group. The Group will, in the current financial year, realise a profitof approximately £6 million before tax, having realised approximately £1.5 m inthe year ended 31 May 2005. David Shaw, Chief Executive, commented: "We are delighted with the success of this project, which represents furtherprogress in this area of the Group's business." The Board is also pleased to announce the appointment today of John Edwards,Company Secretary, as Group Finance Director, together with Nicholas Fry andMichael Chadwick as Non Executive Directors; Mr Fry will join the AuditCommittee. A further announcement will be made in relation to Listing Rule 9.6.13 inrespect of each of Mr Edwards, Mr Fry and Mr Chadwick. 23 September 2005 Enquiries: John Edwards 01606 833 333Pochin's PLC Philip Davies 020 7739 8200Richard ThompsonCharles Stanley & Co. Limited This information is provided by RNS The company news service from the London Stock Exchange