Stadium Group PLC Regulatory News (SDM)

24 Dec 2007 10:53

Stadium Group PLC24 December 2007 Stadium Group Plc ("the Company") - Substantial transaction update 24 December 2007 Update re: Sale of freehold property at Hartlepool On 3 September 2007 the Company announced the exchange of contracts for the saleof surplus freehold property, currently let to tenants at Hartlepool, with netbook value of approximately £3.25m. On 12 October 2007 the major tenant entered administrative receivership. As aconsequence, the buyer of the property (a privately held company) requestedadditional time to effect completion. On 21 December 2007 the sale was completed with proceeds of £2.88m received incash and a further £0.545m deferred for a period not exceeding three years.Deferred consideration bears interest at 3% over bank base rate, and is securedby a second legal charge over the property. Enquiries to: Stadium Group plc 01429 852520Nigel Rogers, Chief Executive Brewin Dolphin Investment Banking 0845 270 8610Andrew Emmott Parkgreen Communications 020 7851 7480Paul McManus This information is provided by RNS The company news service from the London Stock Exchange