Wilmington PLC Property Disposal (1214E)
04 May 2017 - 4:00PM
UK Regulatory
TIDMWIL
RNS Number : 1214E
Wilmington PLC
04 May 2017
4 May 2017
Wilmington plc
Property Disposal
Wilmington plc ("Wilmington" or "the business") the provider of
information, education and networking services in Risk &
Compliance, Professional, and Healthcare knowledge areas confirms
it has exchanged contracts to sell the leasehold interest in its
Underwood Street London head office premises for GBP7.3m in cash as
part of project 6(th) Gear. Completion is expected by the end of
June 2017.
At the same time as disposing of its leasehold interest,
Wilmington is entering into a new ten-year market rate lease for a
London head office premises near Aldgate. The new head office space
will accommodate Wilmington's London based businesses whilst
retaining the training facility recently acquired with the
acquisition of SWAT Group Limited. The transactions are expected to
be broadly cash neutral over the first five years of the new
lease.
The disposed leasehold premises have a book value of GBP1.5m.
The proceeds of GBP7.3m before tax, fit out and disposal costs
which are estimated at GBP3.8m will be used to initially reduce the
Group's debt, whilst providing greater acquisition and investment
capacity in line with its stated strategy. The new building will be
operational from 31 December 2017.
Pedro Ros, Chief Executive Officer, Wilmington plc
commented:
"The disposal of our Underwood Street premises is a key
milestone for project 6(th) Gear and a major step in our drive to
promote a more unified business. We are looking forward to
occupying our new head office space which will reflect a modern
working environment, encourage closer collaboration, and emphasise
our core values and culture."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation No. 596/2014
- End-
For further information, please contact:
Wilmington plc
Pedro Ros, Chief Executive
Officer
Tony Foye, Chief Financial
Officer 020 7422 6800
FTI Consulting
Charles Palmer / Emma Appleton
/ Adam Davidson 020 3727 1000
Notes to Editors
Wilmington plc is the recognised knowledge leader and partner of
choice for information, education and networking in Risk &
Compliance, Professional and Healthcare areas. Capitalised at
approximately GBP230 million, Wilmington floated on the London
Stock Exchange in 1995.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISUOAKRBOAVRAR
(END) Dow Jones Newswires
May 04, 2017 02:00 ET (06:00 GMT)
Wilmington (LSE:WIL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wilmington (LSE:WIL)
Historical Stock Chart
From Apr 2023 to Apr 2024