Disposal - Amendment
Creightons PLC
8 January 2001
The issuer has made the following amendment to the 'Disposal
of freehold property for £1.24 million' announcement released
on 7 December 2000 at 12:12 under RNS No 4125V.
The name of the purchaser should be D&A (1085) Limited, a
wholly owned subsidiary of Brecon Developments Limited, rather
than Brecon Developments Limited as previously stated.
All other details remain unchanged.
The full corrected version is shown below.
Creightons plc ('Creightons' or 'the Company')
Disposal of freehold property for £1.24 million
Creightons announces that it has entered into a contract
conditional only on shareholder approval to dispose of its
freehold interest in Units 7-11 and 18 and 19 Water Lane
Industrial Park, Storrington, West Sussex (the 'Property')
which currently houses part of the manufacturing operation of
the Group to D&A (1085) Limited, a wholly owned subsidiary of
Brecon Developments Limited, for a cash consideration of £1.24
million (excluding expenses). The manufacturing plant and
equipment will be relocated as part of a streamlining exercise
on the remaining site.
Under the terms of the agreement Creightons is to give vacant
possession of the Property on or before completion. A 10 per
cent. deposit has been received from the purchaser by the
Company's solicitors, with the balance of the consideration
due on completion, which will take place no later than 31
March 2001. The Property, which comprises approximately 4,095
sq m (44,076 sq ft) of existing factory and office buildings
situated on 0.64 hectares (1.59 acres) of land, was recently
independently valued at £1.24 million. The net proceeds of the
transaction will be used to reduce the Company's bank
indebtedness.
A circular containing details of the transaction and convening
an Extraordinary General Meeting, due to be held in January
2001, will be posted to shareholders shortly.
The sale of the Property is in accordance with the Board's
previously announced strategy.
Contacts:
William McIlroy
Creightons plc (01903) 745 611
Andrew Ross
Strand Partners Limited (020) 7409 3494
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