Disposal

RNS Number : 6020Y

CLS Holdings PLC

10 September 2015

 



Release date:                10 September 2015

Embargoed until:            07:00

CLS Holdings plc

("CLS", the "Company", the "Group")

CLS Holdings plc announces the sale of

six UK properties for £7.4 million

CLS Holdings plc announces that it has exchanged contracts to sell six properties in the UK for £7.4 million in aggregate, being £1.6 million above their external valuation at 31 December 2014, but in line with their values at 30 June 2015.

The properties comprise:

·     Rivers House, Fortran Road, Cardiff;

·     1009 Oldham Road, Manchester;

·     47-51 High Street, Paisley;

·     Gregson House, 2 Central Street, St Helens;

·     3 Sandringham Park, Swansea; and

·     Nightclub and event centre, Princes Street, Ipswich.

Five of the six properties were acquired in September 2013 as part of a UK-wide portfolio of 34 properties and the decision to dispose of them was driven by their location and relative size in relation to the Company's broader strategy.

Sten Mortstedt, Executive Chairman of CLS, commented:

"I am very pleased to announce the sale of these six properties at a premium to their 31 December 2014 valuations in a transaction that is another example of the Company's proactive and opportunistic management of its assets. Their disposal frees our in-house management team to concentrate on those UK properties which we believe can deliver more significant returns in the medium to long term."   

-ends-

For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman

Fredrik Widlund, Chief Executive Officer

John Whiteley, Chief Financial Officer

Liberum Capital Limited                                              [phone]

Tom Fyson

Panmure Gordon (UK) Limited                                    [phone]

Mark Taylor

Russell Cook                                                                

Kinmont Limited                                                          [phone]

Jonathan Gray

Smithfield Consultants (Financial PR)                       [phone]

Alex Simmons

 

END

 

 

DISLLFFRAIIAIIE