Update of Sequel

RNS Number : 9561M

Quintain Estates & Development PLC

02 September 2013

 



Quintain Estates & Development plc

2 September 2013

Quintain Estates & Development plc

Update on Sequel

"Quintain Estates and Development PLC today confirms that it is in detailed discussions with Palace Capital plc, an AIM-listed company regarding the sale of Quintain Signal Member A Ltd, the owner of the SeQuel regional property portfolio. The proposed disposal is in line with Quintain's strategy to exit non-core assets outside London and recycle capital. The agreed purchase price is approximately £40 million, broadly in line with the 31 March 2013 valuation. The transaction is conditional on Palace Capital raising the equity component of the consideration via a placing, with credit committee approval already received by them from a UK Lender for the debt component.  There can be no certainty the transaction will proceed as it is subject to, inter alia, Palace Capital plc raising the necessary equity and further updates will be provided as appropriate."

Enquiries:

Quintain Estates and Development PLC                                                RLM Finsbury

Cressida Curtis                                                                                                  Jenny Davey

Tel: [phone]                                                                               Tel: [phone]

 

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