Disposal of Property

RNS Number : 1483J

Rotala PLC

16 December 2015

 

16 December 2015

Rotala plc

("Rotala" or "the Company")

Sale and Acquisition of Property

The Company is pleased to announce the following developments in the property holdings of the Rotala group.

Following a review of depot capacities and locations the board decided to dispose of the Company's 4 acre depot in Long Acre, Birmingham, since it was concluded from the review that the depot was surplus to requirements. This sale, to WPD Property Investments Limited, has now been completed at a price of £2.5 million. The consideration approximates to the net book value of the property.

At the same time the Company has taken advantage of the opportunity to acquire a 3 acre site adjacent to its existing main depot in Oldbury, West Midlands for a price of £380,000. This acquisition gives the group a combined 6.7 acre site for its bus operations in this part of the West Midlands. The Company will over the next year invest a further £600,000 in upgrading the capabilities of the enlarged site.

The net proceeds of these transactions will be used to reduce borrowings.

For further information please contact:

Rotala Plc
John Gunn, Chairman	020 7602 7500
Simon Dunn, Chief Executive	07825 808 525
Kim Taylor, Group Finance Director	07825 808 529
Numis Securities Limited	020 7260 1000
David Poutney (Corporate Broker); Stuart Skinner/Richard Thomas (Nominated Adviser)

 

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