Capitaltech PLC
30 April 2001
CapitalTech plc ('the Company') : Property Disposal
The Company's subsidiary NC (Res) Limited sold on 30 April 2001 to
Oystercatcher Limited Partnership a property containing 22 flats let out on
tenancies at Forest Hall, Tyne & Wear, at a price of £860,000 with the vendor
meeting stamp duty charges of 4% of the consideration price.
By aggregation with a sale to the same purchaser announced on 30 March 2001
this is a substantial transaction in terms of the AIM Rules. The net asset
value of the assets the subject of the transaction is £860,000, and the assets
traded at break even after management and interest costs. The consideration
was paid in cash and is being applied in repaying £560,000 to bankers and £
250,000 to the Adair Trusts, in which the Company's Chairman, R F M Adair, is
interested. The effect on the Company is to reduce gearing and further
concentrate property investment in Scotland.
30 April 2001
END
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