Universal Salvage PLC
04 November 2004
Thursday, 4 November 2004
UNIVERSAL SALVAGE PLC
('Universal' or the 'Group')
Disposal of Redbourn Site
Universal is pleased to announce that it has exchanged contracts for the sale of
its 9 acre site at Dunstable Road, Redbourn, Hertfordshire to Catesby Securities
Limited, a property development company, for a gross consideration of £5m. This
follows the securing of outline planning permission for the residential
redevelopment of the site, which was announced on 24 April 2004.
Under the terms of the disposal 20% of the gross consideration was payable on
exchange of contracts and the balance of the consideration will be settled on
completion which is expected to take place on 29 December 2004.
The net asset value of the land in the Group's balance sheet as at 1 May 2004
The net sale proceeds will be utilised to reduce the Group's debt.
This site has been used by the Group as a salvage auction branch and its
activities have been transferred to the Group's branch in Sandy, Bedfordshire.
Universal Salvage plc Nigel Sandy, Chief Executive 01234 762283
Anne Thomas, Company Secretary 01234 762283
Biddicks Katie Tzouliadis 020 7448 1000
This information is provided by RNS
The company news service from the London Stock Exchange