Disposal

4 Jul 2005 16:32

Caffyns PLC04 July 2005 PROPERTY DISPOSAL Caffyns PLC ("the Company") announces that it has today exchanged conditionalcontracts for the sale of its vacant freehold site at East Street, Hythe, Kentto Churchill Retirement Living Limited ("Churchill"). The consideration of £1.47million is payable in cash 14 working days following the granting of detailedplanning permission and is subject to the completion of certain environmentalobligations by the Company. The purchaser is required to submit a detailedplanning application by 10 October 2006. There are provisions covering an appealprocess should it be deemed appropriate by the Company and Churchill. Ifplanning approval is not granted following the appeal process, then the contractis terminated. In the event that the contract for sale becomes unconditional, the proceeds willbe 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