Sale of property and update on loan arrangements

RNS Number : 9488M

Caledonian Trust PLC

03 May 2018

 

3 May 2018

Caledonian Trust plc

("Caledonian Trust" or the "Company")

Sale of 43B Brunstane Road South, Edinburgh

Update on Leafrealm loan arrangements

Further to recent announcements made by the Company the Board of Caledonian Trust is pleased to confirm the sale of 43B Brunstane Road South, Edinburgh completed on 27 April 2018 (the "Property"). The Property, a semi-detached house, had been marketed for sale by Knight Frank from mid-November 2017 and had generated significant interest with three offers on the Property being received in December 2017. The Property was sold for gross proceeds of £505,000 against the Property's Home Report Value of £460,000.

The net proceeds from the sale of the Property provides the Company with additional working capital and in particular will enable the Company to re-invest further monies in certain of Caledonian Trust's development activities.

On 6 April 2018 the Company announced that it had entered into a loan agreement with Leafrealm Limited ("Leafrealm") whereby Leafrealm had agreed to provide an additional loan of £100,000 to the Company on the same terms and conditions as the existing loan facility in place between the parties, details of which were announced on 1 July 2016. As at the date of this announcement the Company has drawn down £40,000 under this loan arrangement. Following the sale of the Property the Company does not expect to need to draw down further on this loan in the foreseeable future. The aggregate amount that has been advanced by Leafrealm to the Company across various loan arrangements totals £4,330,000 as at the date of this announcement.

Enquiries:                                                                               

Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer	Tel: [phone]
Mike Baynham, Finance Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas Alex Brearley	Tel: [phone]

 

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