Last checked at 12 Dec 2006 12:11
For Immediate Release 12 December 2006 BIDTIMES PLC ("Bidtimes" or the "Company") Disposal of Freehold Investment Properties to Managing Director
The Company announces that it has completed the sale of two of its remaining three freehold investment properties known as 91 Waterfall Lane and 47 Scholars Walk ("The Properties") at a disposal price of ‚£447,500 paid in cash to Mr Russell Stevens, Managing Director.
As the disposal was to a director of the Company the independent directors obtained an independent valuation of The Properties and sought and received shareholder approval at an extraordinary general meeting of the Company which was held on 8 December 2006. The Properties were sold at their book value stated in the latest annual results for the twelve months ended 28 February 2006 announced on 15 November 2006.
The independent directors consider, having consulted with John East & Partners Limited, that the terms of the Disposal are fair and reasonable insofar as its shareholders are concerned.
The net sales proceeds, after costs, from disposal of The Properties have been deposited in full against the current mortgage used to finance the original acquisition of the properties.
The sale of the remaining freehold property to Mr Stevens is expected to be completed shortly and a further announcement will be made at that time.
Enquiries: James Brinton 01562 701605 Bidtimes plc Simon Clements 020 7628 2200 John East & Partners Limited
BIDTIMES PLC