Property Disposal

31 Mar 2005 11:20

Bailey(C.H.) PLC31 March 2005 Disposal of Bute Dry Dock CH Bailey Plc announced today that it has exchanged and completed contracts withthe Welsh Development Agency for the sale of the Bute Dry Dock for a cashconsideration of £1,800,000. The Bute Dry Dock is situated in the presentlyundeveloped area of Cardiff Bay. It was previously the Head Office site of CHBailey Plc and was used by the Group's Ship Repairing Division, which ceasedoperations in August 2004. The value of this asset in the Group's interim accounts at 30 September 2004 was£937,000 and the disposal will give rise to a profit on sale, after disposalcosts, of approximately £800,000 in the results of the Group for the year to 31 March 2005. The net sale proceeds will be used to reduce the Group's bankborrowings. Commenting on the sale, Charles Bailey, Chairman and Managing Director, said:"The sale of the Bute Dry Dock represents another significant further step inthe ongoing restructuring of the Group, and I believe that the price which hasbeen achieved is a satisfactory outcome for shareholders." For further information please contact: Bryan Warren CH Bailey Company Secretary 01633 262961Richard Day Arden Partners Limited 07736 004993 EndMarch 31, 2005 This information is provided by RNS The company news service from the London Stock Exchange