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New Trend Lifestyle (NTLG)

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Tuesday 26 March, 2013

New Trend Lifestyle

Disposal

RNS Number : 8858A
New Trend Lifestyle Group plc
26 March 2013
 



26 March 2013

New Trend Lifestyle Group PLC
("NTLG" or "The Company")

Disposal of Property at 145/145A Sims Avenue ("the Disposal")

New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, is pleased to announce that it has disposed of the property at 145/145A Sims Avenue in Singapore (the "Property") to Nanyang Hardware Pte Limited ("Nanyang") for a consideration of S$3,350,000.

Background to the Disposal

In the admission document issued by NTLG in connection with its admission to AIM on 28 June 2012 the Company set out that it may be required to make the Disposal in order to comply with the relevant governmental authority in Singapore.  It was subsequently established that NTLG was required to do so and this requirement has now been met through completion of the Disposal.

The principal terms of the Disposal are:

The Company has received gross proceeds of S$3,350,000 in cash from the buyer.  The Property had an asset value of S$3,187,333 and the Disposal therefore generates a profit of S$162,667 for the Company.  The Company will apply the cash proceeds to settle the loan raised on the property of S$2,220,203 and pay transaction costs estimated at S$476,958 .  The balance of the proceeds will utilised for working capital.

Following the Disposal the Company will transfer the Sims Avenue business to new premises in Chinatown Point Mall.

-ends-

Indicative exchange rate at 21 March 2013: 1 Singapore Dollar (S$) to 0.526 GBP (£)

 

For further information:

NTLG Company

Investor Relations Department: [email protected]

NTL SZ. Tel: (86)755 2237 5082

Lawrence Cheung, Finance Director

Non-executive Chairman, Robert Goddard: Contact via Newgate Threadneedle,

Zeus Capital (NOMAD and broker)

Ross Andrews, Andrew Jones - Corporate Finance. Tel +44 (0)161 831 1512

John Goold - Institutional Sales. Tel: +44 (0)20 7016 8925

Newgate Threadneedle Tel: +44 (0)20 7653 9850

Graham Herring, Alex White, Heather Armstrong

 

About New Trend Lifestyle

The Company was established in 2005 by Master Hillary Phang. NTL's Feng Shui services include building and office design consultancy, astrology readings, marriage matching, aura readings and business talks and seminars for large corporations. These have recently been complemented by Tarot Cards readings and an on-line dating service using Feng Shui principles.

NTL is one of the leading branded Feng Shui consultancies in Asia, selling its services to a mixture of high profile businessmen, political figures, business enterprises and the general public. It provides lifestyle guidance to customers, which leads to the provision of a number of products and services.

Feng Shui is endemic in Chinese communities throughout the world and influences many aspects of personal, business and even Government activities and is the basis on which the Company has created a profitable business with a strong brand and deep-seated cultural drivers.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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