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RNS Number : 3562A

GETECH Group plc

22 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

22 JANUARY 2024

Getech Group plc

("Getech" or the "Company")

Sale of Asset and Change of Registered Office and Place of Business

Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce the partial sale of its head office and subsequent change of registered office and place of business.

Background:

The Company's head office is located at Elmete Hall near Leeds, which comprises of three adjoining properties known as Kitson House, Nicholson House and The Old Hall, of which the Company owned two properties: Kitson House, which is a 5,726 sq ft Grade 2 listed Georgian building, and Nicholson House, which is a modern 6,996 sq ft office building. During Covid, the Company vacated Kitson House to reduce costs and Getech staff are now located within Nicholson House.

Sale of Asset:

The Company is pleased to report that it has sold Kitson House for gross proceeds GBP0.65m. Getech intends to use the net proceeds of the sale to paydown bank debt secured on the property, which is currently in discussion with the bank, with the remainder retained by the business for working capital.

Retention of Asset:

The Company has retained freehold ownership of Nicholson House, which was independently valued in December 2023 at GBP0.86m. The remaining debt, which is estimated to be approximately GBP0.35m, will be secured solely against Nicholson House. The Company continues to market Nicholson House for sale, and the intention is to sell the property and move to more suitable premises in central Leeds.

Change of Registered Office and Change of Place of Business:

Whilst there has been no physical move, the Company's registered office and place of business has been updated to: Getech Group plc, Nicholson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ, United Kingdom.

Richard Bennett, acting CEO said, "We are pleased to have sold Kitson House and we will use the net proceeds to continue to develop the business. Although the property market remains challenging, we shall continue to offer Nicholson House to the market and use the proceeds to relocate within Leeds to more appropriate offices closer to the university and its innovative community. This will enhance the business as we accelerate the development of the Globe geoscience platform."

For further information, please contact:

 
 Getech Group plc 
  Richard Bennett, CEO                                  Tel: 0113 322 2200 
 
 Cavendish Capital Markets Limited 
  Neil McDonald / Pete Lynch (Corporate Finance)        Tel: 0207 397 8900 
  Michael Johnson / Dale Bellis (Sales) 
 
 N ovella Communications                              T el: 0203 151 7008 
 Tim Robertson / Claire de Groot / Safia Colebrook 
 getech@novella-comms.com

Notes to editors:

Getech Group plc (AIM: GTC) applies its world-leading geoscience data and unique geospatial software products to accelerate the energy transition by locating, developing and operating geoenergy and green hydrogen projects.

For further information, please visit www.getech.com .

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END

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January 22, 2024 02:00 ET (07:00 GMT)

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