Update on proposed sale of St Margaret's House

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 £15.0 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: [phone]
Mike Baynham, Finance Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas Alex Brearley	Tel: [phone]

 

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