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Sperati(C.A). (TEA)

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Wednesday 07 August, 2013

Sperati(C.A).

Disposal

RNS Number : 1783L
Sperati(C.A.)(Special Agency)
07 August 2013
 

For Immediate Release                                                                                        7 August 2013

 

 

C. A. Sperati (The Special Agency) PLC

("CAS" or the "Company")

 

Proposed Disposal of Greenwich Property - Supplemental Agreement

 

 

Further to the Company's announcement made on 15 April 2013 providing details of the conditional contract ("Principal Agreement") which it had entered into with Knightspur Homes Limited ("KHL") (a wholly owned subsidiary of Cavendish and Gloucester Properties Limited), to sell its freehold land and property at 54 Westcombe Hill, Greenwich, London SE10 0LR ("Greenwich") ("Disposal"), the Company is pleased to announce that it has today entered into a supplemental agreement with KHL ("Supplemental Agreement").

 

Under the term of the Supplemental Agreement it has been agreed that the total cash consideration will be £415,000 (Principal Agreement : £446,000) payable as to £315,000 (Principal Agreement : £171,000) on the completion date ("Completion") and a deferred payment of £100,000 (Principal Agreement : £100,000) on the date falling on the earlier of ten working days after KHL secures planning permission authorising redevelopment of Greenwich for mixed use purposes and 12 months (Principal Agreement : 18 months) following Completion. (The Principal Agreement also had a deferred payment of £175,000 payable six months after Completion).

                            

Due to the alteration in the consideration payable the estimated taxation liability which is attributable to the Company following the proposed Disposal is approximately £30,000.  Therefore, the Company will receive approximately £385,000 net of its tax liability following the Disposal.

 

As stated in the announcement of the 15 April the consideration in respect of the Disposal will provide the Company with additional working capital which will enable the Company to settle outstanding creditors and purchase stock for incoming contracts. The consideration will also be used to pay professional fees accrued in relation to the Disposal.

 

Oliver Fattal, Chief Executive Officer, commented; "The contract has been re-negotiated in order to bring forward deferred consideration payments due to the Company on the sale of Greenwich at a time when the Company's need for additional working capital is at an all-time high." 

 

The Disposal constitutes a Class 1 Transaction under the Listing Rules and therefore remains conditional on the approval of Shareholders at a general meeting ("GM"). Shareholders will be provided with notification of the GM in conjunction with the dispatch of a circular, containing details of the proposed Disposal, in due course.

 

 

Contacts:

 

Oliver Fattal, Chief Executive Officer, CAS - 0207 355 7071

 

Roland Cornish / Emily Staples, Beaumont Cornish Limited - 0207 628 3396

 



A copy of this announcement will be available at www.casperatiplc.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company and no-one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited nor for giving advice in relation to the Disposal or any other matters referred to in this announcement.

Important notice

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any applicable restrictions or requirements. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purposes of complying with English law and the Listing Rules and the applicable rules and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of England and Wales. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth herein since such date. Nothing contained in this announcement shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company, except where otherwise stated.

Forward looking statements

This announcement contains certain "forward-looking statements" with respect to the financial condition, results of operations and business of the Company, and certain plans and objectives of the members of the Company. In some cases, these forward-looking statements can be identified by the fact that they do not relate to historical or current facts and by the use of forward-looking terminology, including the terms "anticipates", "believes", "estimates", "expects", "intends", "plans", "prepares", "goal", "target", "will", "may", "should", "could" or "would" or, in each case, their negative or other variations or comparable terminology. These statements are based on assumptions and assessments made by the Directors in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe appropriate. Investors should specifically consider the factors identified in this announcement that could cause actual results to differ before making an investment decision. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. They are also based on numerous assumptions regarding the Company's, present and future business strategies and the environment in which it is believed that the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. Except as required by the FCA, the Listing Rules, the Disclosure and Transparency Rules, the London Stock Exchange or applicable law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this announcement.

 


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