Caledonian Trust PLC Update on proposed sale of St Margaret's House (1229K)
24 August 2019 - 1:20AM
UK Regulatory
TIDMCNN
RNS Number : 1229K
Caledonian Trust PLC
23 August 2019
23 August 2019
Caledonian Trust plc
("Caledonian Trust" or the "Company")
Update on proposed sale of St Margaret's House
Caledonian Trust, the Edinburgh-based property investment
holding and development company, provides an update on its proposed
sale of St Margaret's House, 151 London Road, Edinburgh ("St
Margaret's" or the "Property") to Drum Property Group Limited
("Drum" or the "Purchaser") (the "Proposed Disposal"). Details of
the Proposed Disposal were originally announced by the Company on 5
February 2018 and an update was provided by the Company on 24 May
2019 providing details of the amended missives that were entered
into on 23 May 2019.
Following recent discussions, Caledonian Trust and Drum have now
agreed to a further amendment to the amended missives entered into
on 23 May 2019, in relation to the Proposed Disposal (the
"Missives"), in order to allow Drum sufficient time to progress
with the planning application.
Under the amended Missives, Drum will now be required to submit
the requisite planning application for consent for its proposed
developments by 23 September 2019 (previously 23 August 2019 under
the missives previously entered into by Drum and Caledonian
Trust).
There are no other changes to the amended missives entered into
by Drum and Caledonian Trust on 23 May 2019. As such, following
submission of the planning applications, Drum will still have until
23 August 2020 to secure such consent and the rest of the outline
timings detailed in the Company's announcement of 24 May 2019
remain unchanged.
The Directors' expectations remain that completion of the
Proposed Disposal will take place by 24 May 2021.
The amendment to the Missives outlined above will not affect the
consideration for the Proposed Disposal, which remains as GBP15.0
million (exclusive of VAT), payable to the Company on completion of
the Proposed Disposal in cash.
The Company will release further announcements on the Proposed
Disposal at the appropriate time.
Enquiries:
Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer Tel: 0131 220 0416
Mike Baynham, Finance Director Tel: 0131 220 0416
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas Tel: 0203 328 5656
Alex Brearley
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END
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