18th Mar 2015 08:17
LONDON (Alliance News) - AIM-listed property developer CH Bailey PLC on Wednesday said it has completed the sale of the final property from its St Georges Bay Hotel Ltd subsidiary in Malta for EUR13.3 million.
The company gained shareholder approval to sell all properties owned by St Georges Bay in 2009 in a deal with Malta-based Garnet Investments Ltd.
CH Bailey said it will now consider the best use of the funds in view of the current economic climate and currency markets, and will focus its attention on plans to cut its debt and provide further working capital, along with funding for new investments in Malta and Tanzania.
The company also said it will give consideration to paying a special dividend.
Shares in CH Bailey were up 6.7% to 240.00 pence on Wednesday, one of the best performers in the London Main Market in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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