01 July 2003
1 July 2003
Sale of remaining interest in WL Homes LLC
John Laing plc (John Laing) has disposed of its remaining minority interests in
US house builder WL Homes LLC for a total cash consideration of US$42.5 million
(£25.7 million). Depending on the trading result for the first six months, this
is likely to give rise to a small loss after costs compared to the current book
value at yesterday's closing exchange rate.
In the year ended 31 December 2002, profit before tax attributable to the assets
to be disposed was £5.9 million and net assets were £27.5 million. Details
regarding WL Homes profits attributable to John Laing for the six months ended
30 June 2003 will be reported at the time of the group's interim results on 1
September 2003. The disposal comprises the sale of John Laing's remaining 22.5%
equity interest in WL Investors LLC together with its preferred equity interest
in WL Homes LLC.
The disposal of WL Homes is in line with John Laing's stated strategy of
focusing on its infrastructure investments and operations business. Following
today's disposal the group's residual housing interests comprise John Laing
Partnership Limited and a 30% interest in Octagon Developments. The group
continues to pursue the exit options in relation to these residual interests.
John Laing is today separately announcing its trading update for the six months
ended 30 June 2003, in advance of its interim results announcement.
John Laing plc
Bill Forrester, Chairman 020 7647 8800
Andy Friend, Chief Executive Officer 020 7904 9200
Adrian Ewer, Finance Director 020 7647 8800
Edward Orlebar/ Faeth Birch 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange