Disposal

22 Jun 2007 15:55

Caffyns PLC22 June 2007 Caffyns PLC22 June 2007 PROPERTY DISPOSAL Caffyns plc ('the Company') announces that it has today exchanged conditionalcontracts for the sale of its vacant freehold site at Kingsway, Hove, Sussex,which it has owned since 1928, to Banner Homes (Wessex) Limited ('Banner'). Theconsideration of £4.5 million is payable in cash fifteen weeks following thegranting of an acceptable planning permission and is subject to the completionof certain environmental and other obligations by the Company. The net book value of the site is £1.34 million. Banner is required to submit a detailedplanning application by 31 August 2007. A further announcement will be made when appropriate. Upon completion beingfulfilled, the proceeds will be applied in reducing the Company's borrowings. Enquiries: Simon CaffynChief Executive Mark HarrisonFinance Director Telephone: 01323 730201 This information is provided by RNS The company news service from the London Stock Exchange