Havelock Europa PLC
20 February 2003
HAVELOCK EUROPA PLC
Completion of disposal of 49% interest in Bahraini JV
Havelock Europa, whose businesses are educational and retail interiors (in which
it is the UK market leader) and point of sale display, announces that, following
yesterday's receipt of the approval of the Bahraini Ministry of Commerce, it has
completed the disposal, which was announced on 15 January 2003.
The £2.9 m disposal will give rise, after expenses, to a non-taxable profit of
approximately £0.9 m which will be consolidated into the results for the
financial year ending 31 December 2003. In addition, after investment of part
of the proceeds in a 17% interest in the acquiror, Phaedra Holdings Limited,
£2.0 m of cash will be received shortly, which will be applied towards the
acceleration of the reduction in Havelock's gearing.
Havelock proposes to announce its results for the year ended 31 December 2002 on
Tuesday 1 April 2003.
Havelock Europa PLC 01383-820 044
Hew Balfour (Chief Executive)
Graham MacSporran (Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7444 4166
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