ACR Abbeycrest

TIDMACR

RNS Number : 9248F

Abbeycrest PLC

04 May 2011

Abbeycrest plc

("Abbeycrest" or the "Company")

Property Lease Update

On 27 August 2009, Abbeycrest entered into deeds of variation giving the Company the right to terminate leases over its former head office and car park at Wilmington Grove, Leeds, on 28 September 2011, upon payment of a total fee of GBP405,746, comprising one year's rent on the combined site. Prior to this deed of variation, the Company would have remained a tenant until June 2021.

The Board of Abbeycrest announces that it has now agreed revised termination arrangements with the lessor, Moorgarth Property Investments Limited ("Moorgarth"), and given notice that these leases will terminate with effect from 28 September 2011. Under the revised arrangements, termination is conditional on payment of a total fee of GBP406,000, to be paid in two instalments, being GBP200,000 on or before 28 September 2011 and GBP206,000 on or before 28 February 2012. Until paid, amounts outstanding will be secured by way of a third ranking fixed and floating charge over the assets of the Company and its subsidiaries. Termination is also conditional on Abbeycrest continuing to comply with the terms of the existing leases until 28 September 2011.

For further information, please contact:

 
 Abbeycrest plc                                Tel: 0113 397 0864 
  Simon Ashton, Executive Chairman           www.abbeycrest.co.uk 
 Evolution Securities Limited                   Tel:0113 243 1619 
  Joanne Lake/Peter Steel                   www.evosecurities.com 
 Rawlings Financial PR Limited                 Tel: 01653 618 016 
  Catriona Valentine                  www.rawlingsfinancial.co.uk 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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