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C A Sperati PLC (TEA)

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Monday 14 April, 2014

C A Sperati PLC

Disposal of Greenwich Property - Update

RNS Number : 8044E
C A Sperati PLC
14 April 2014

For Immediate Release                                                                                                     14 April 2014



C A Sperati plc

("CAS" or the "Company")

Disposal of Greenwich Property


C A Sperati plc is pleased to announce that further to the disposal of its freehold land and premises at 54 Westcombe Hill, Greenwich, London SE10 0LR ("Greenwich Property") to Knightspur Homes Limited ("Purchaser") which was announced on 26 November 2013 and which completed on 20 January 2014 ("Disposal"), the directors of CAS have agreed with the Purchaser to reduce the deferred element of the consideration, which was payable as to £100,000 on the earlier of ten working days after the Purchaser secures planning permission authorising redevelopment of the Greenwich Property for mixed use purposes and 20 January 2015, to £85,000 in consideration for payment on or before 5 April 2014 ("Agreement").


The Agreement was signed by the Company and the Purchaser on 24 March 2014 and the £85,000 was received by the Company on 10 April 2014.


Jason Drummond, Executive Chairman, commented; "Through the Agreement the Board has secured £85,000 nine months earlier than may have been the case under the original disposal terms.  At a time when the Company is looking to grow both organically and through selective complementary acquisitions this advance payment will help the Company to expedite its strategy".


For further information on CAS please visit the Company's website: or please contact:


C A Sperati plc

Jason Drummond, Executive Chairman

Tel: 020 8858 7069

Beaumont Cornish Limited (Nomad & Joint Broker)

Roland Cornish

Tel: 0207 628 3396

Emily Staples

Peterhouse Corporate Finance (Joint Broker)

Jon Levinson

Tel: 020 7469 0935

Lucy Williams

Tel: 020 7469 0936



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