14 May 2014 07:00
14 May 2014
SAFELAND PLC
("Safeland" or the "Company")
Update
Following the recent admission to AIM of Safestay plc which was effective on 2 May 2014, Safeland provides the following update for shareholders.
Further to the Company's previous announcements regarding the planning application for the development of housing on the Chandos Tennis Club in Golders Green, Safeland announces that pursuant to the terms of a conditional sales contract with a prominent housebuilder to develop the site, it would be entitled to receive £13.2 million in staged payments over the next few years, which the Directors estimate to be approximately 3 years, plus potential additional overage revenues. The contract remains subject to full planning consent being obtained. At the date of this announcement, planning consent still has a number of outstanding conditions to be agreed. The planning application includes the relocation of the Chandos Tennis Club to an alternative facility on land currently owned by Safeland, which is included in the terms of the proposed sale. Further announcements regarding the proposed development will be made in due course.
In addition, Safeland is pleased to announce that it has obtained a residential consent under permitted development rights in relation to part of a property in Wimbledon which was acquired by the Company in 2013. The intention is that the property will be converted into 31 residential units for onward sale.
Larry Lipman, Managing Director of Safeland plc, commented:
"We have had a very busy few months, which has seen us complete the successful demerger of Safestay and its admission to AIM, while progressing the planning applications of various properties, including the Chandos Tennis Club and Wimbledon. We remain active in the market seeking further opportunities where we can bring our skills to bear."
Contacts:
Larry Lipman
Managing Director, Safeland Plc T: 020 8815 1600
Tom Griffiths
Westhouse Securities Limited T: 020 7601 6100