24 June 2024
Aukett Swanke Group
Plc
("Aukett Swanke",
the "Company," "ASG", or, together with its subsidiaries, the
"Group")
Property
Disposal
Aukett Swanke (AIM: AUK), the Architecture and
Smart Buildings Group, is pleased to provide the following
update.
The Group's subsidiary Torpedo Factory Group
Limited ("TFG") has
exchanged contracts, conditional upon a satisfactory valuation, for
the sale of The Old Torpedo Factory (the "Property") in west London at a price
of £2.5 million plus VAT, with the buyer having paid a 10%
refundable deposit. Exchange is expected to become unconditional by
5 July 2024. Under the terms of the contract completion is due to
occur in September 2024.
Subject to completion, the net proceeds will be
used to repay the mortgage that is due to expire in February 2025,
to redeem a portion of TFG's CBILS-backed loan, and to provide
funds for general working capital.
The Property was most recently valued in the
Group's accounts at £3.08 million less a provision for deferred
tax. The sale will therefore result in an accounting loss, which
will be treated as an adjusting post balance sheet event in the
Group's interim results for the six months to 31 March 2024, which
are expected to be announced on 28 June 2024.
Nick Clark,
Chief Executive of Aukett Swanke,
commented:
"Given the
growth opportunities in front of us and the ongoing financing and
operating costs of retaining an underused building, we are pleased
to have exchanged on the sale of the Property, albeit at a lower
than originally hoped-for price. Management continues its focus on
improving performance and on developing our smart buildings
activities and I look forward to providing further
updates."
Contacts
Aukett Swanke Group Plc
+44 (0) 20 7843 3000
Clive Carver,
Chairman
Nick Clark, Chief
Executive
Strand Hanson Limited, Financial and Nominated Adviser
+44 (0) 20 7409 3494
Richard Johnson, James
Bellman
Zeus Capital Limited, Broker
+44 (0) 20
3829 5000
Simon Johnson, Louisa
Waddell
Investor/Media
+ 44
(0) 7979 604 687
Chris Steele
About Aukett Swanke Group plc
Aukett Swanke Group has a strong
foundation in architectural services and is on a transformative
journey to become a London-listed provider of Smart Buildings and
related services. ASG are uniquely positioned to ensure the
technical systems that run modern premises are designed as an
integral part of the structure, from the outset.
For more information go to
https://www.aukettswankeplc.com
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.