RNS Number : 1049I
08 June 2011
("Optare" or the "Company")
Update on Sale of Rotherham Plant
As previously announced the Company had planned to sell Optare's Rotherham plant in two parts and the Board is pleased to announce that the sale of the first part of the site has now been completed for just under £1 million. The Board is progressing with the sale of the second part of the site and a number of parties have given expressions of interest for the remaining part.
Following the repayment of Optare's £6.3 million term loan in April this year and the completion of this first part of the sale of the Rotherham site, Optare's total term debt has been reduced to £1.4 million. The Board expects that this remaining term debt will be largely covered by the sale of the second part of the site anticipated during Q3. The Board believes that once the second part of the sale is completed and the Company's term debt is eliminated the Company will be well placed to initiate a full review of its banking position which will ensure that the Company has appropriate banking facilities in place for a company of its size and scale.
For further information please contact:
Optare plc Tel: 0845 838 9901
Jim Sumner - Chief Executive
Peter Phillips - Chief Financial Officer Tel: 0113 232 1218
Cenkos Securities plc Tel: 020 7397 8900
Stephen Keys/Camilla Hume
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