Disposal

28 Feb 2007 07:01

Wynnstay Properties PLC28 February 2007 28 February 2007 Wynnstay Properties PLC (the "Company") Property Disposal Wynnstay Properties PLC announces that on 26th February 2007, contracts wereexchanged for the sale at auction of its freehold industrial property at 1-3Vinces Road, Diss, Norfolk for a cash consideration of £330,000 payable oncompletion, scheduled for 26th March 2007. After taking account of the settlement negotiated with the previous tenant andthe selling costs involved, this disposal is expected to result in a net surplusover book value of approximately £95,000, which will be reflected in theCompany's financial statements for the year ending 25th March 2007. The proceeds of sale will be applied in reducing the Company's borrowings,thereby providing additional funds for future property acquisitions. Commenting on the transaction, Philip Collins, Chairman, said "Current marketconditions provided an opportunity for the profitable disposal of this vacantproperty where the lease expired in November 2006 and which we considered tohave limited tenant demand and growth potential as well as being located outsidethe Company's preferred focus for future investment." Enquiries: Mark Taylor, Charles Stanley Securities, 020 7149 6000 END This information is provided by RNS The company news service from the London Stock Exchange