5th Jun 2014 14:14
LONDON (Alliance News) - Photo-Me International PLC Thursday said it has agreed to sell land adjacent to its head office to Shanly Homes Ltd at a GBP3.5 million profit before costs, with the proceeds strengthening its net cash position until it decides whether to invest them in the business or make a return to shareholders.
In a statement, Photo-Me said SHL will pay GBP4.2 million in cash on completion of the deal, which is expected in one month's time. SHL may make an additional GBP50,000 payment, depending on whether it has to carry out certain environmental remediation work on the site.
The book value of the 8,900 square metres of land is GBP700,000.
Photo-Me's head office building is not being sold and will remain its corporate headquarters.
Photo-Me shares were Thursday quoted flat at 138 pence.
By Samuel Agini; [email protected]; @samuelagini
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