Disposal

6 Oct 2005 07:00

Renold PLC06 October 2005 Renold plc Disposal Sale of Burton Site Renold, the precision engineering group, is pleased to announce that, followingthe successful restructuring of its manufacturing operations at its Burton uponTrent site, it has entered into a contract with Morris Homes (East Midlands)Limited for the sale of the Burton site for gross proceeds (before costs) of atleast £7.7 million with potential up to £8.65 million, payable in cash. Theamount of consideration receivable and completion is conditional upon a groundand site survey and satisfactory planning permission. The site consists of some 9 acres of land and the carrying value of the site was£0.5 million in the balance sheet at 31 March 2005 although the market value onthe introduction of IFRS is £3.5 million. The net proceeds will be used toreduce Group borrowings. For further information, please contact: Renold plc, Robert Davies, Chief Executive - Tel: 0161 498 4500KBC Peel Hunt Ltd, Nick Maslen - Tel: 0121 698 2169Weber Shandwick Square Mile,Terry Garrett/Stephanie Badjonat - Tel: 0207 067 0700 This information is provided by RNS The company news service from the London Stock Exchange