Disposal of Investment

RNS Number : 6114C

Sutton Harbour Holdings PLC

03 May 2012

 



3 May 2012

SUTTON HARBOUR HOLDINGS PLC

("The Group" and "The Company")

Disposal of Investment

The Company announces that it achieved exchange and completion on disposal of its investment in Express LIFT Investments Limited (ELIL) on 30 April 2012.

ELIL was formed in 2009 after the shareholders' consortium achieved National Framework status to bid for future healthcare facilities under the Express Local Investment Finance Trust (LIFT) initiative. ELIL went on to become preferred bidder working with NHS Cumbria on schemes including new healthcare facilities in Cockermouth and Cleator Moor in the North East.

The disposal gives rise to a positive c.£500,000 cash inflow to the Group, receivable by the end of May 2012, against a carrying value of £363,000.

ELIL was increasingly considered a peripheral activity and the Board's decision to dispose of the investment was in line with the Group's clear stated focus on marine and waterfront regeneration activities.

Enquiries:

Sutton Harbour Holdings plc

Jason Schofield - Chief Executive

Natasha Gadsdon - Finance Director

01752 204186

Arden Partners plc

Richard Day

Jamie Cameron

0207 614 5917   

Newgate Theadneedle

Graham Herring

Terry Garrett

020 7653 9850

 

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