Disposal of freehold property

RNS Number : 4769K

Feedback PLC

30 July 2013

 



30 July 2013

Feedback plc

("Feedback", the "Company" or the "Group")

Disposal of freehold property

The Company is pleased to announce that it has disposed of its freehold property at Park Road, Crowborough, East Sussex TN6 2QR (the "Property").

Principal Terms of the Disposal and Use of Proceeds

The Company has sold the Property to Orbit South Housing Association Limited for a cash consideration of £940,000 together with a further nominal sum for environmental reports related to the Property.

The net proceeds of the disposal, amounting to £940,000, will be used to extinguish all of the Company's outstanding indebtedness of approximately £200,000, with the remaining balance being retained for working capital purposes and used to make investments in accordance with its Investing Policy.

Nick Shepheard, Executive Chairman, commented:

"I am pleased that the disposal of the Property is complete and the Company will now focus on implementing its Investing Policy to maximise shareholder value."

For further information contact:

Feedback plc
Nick Shepheard	Tel: [phone]
Sanlam Securities UK Limited (Nominated Adviser and Broker)
Simon Clements/Lindsay Mair	Tel: [phone]

 

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