13th Feb 2015 10:53
LONDON (Alliance News) - Public Service Properties Investments Ltd on Friday said it has entered into a deal to sell its remaining UK companies, business and assets to Embrace, its sole UK tenant.
Under the deal, Embrace will acquire Public Service's remaining assets in the UK, comprising nine UK care home freeholds, office premises, a school and resource centre and domiciliary care and related businesses.
Embrace will acquire the assets on a cash-free, debt-free basis. The assets have been valued at GBP34.5 million.
The disposal of the assets will result in Public Service getting GBP14.2 million in cash after debt repayment, taxation and transaction costs. It will be due an additional GBP2.5 million deferred consideration should Embrace be successful in tendering for ongoing domiciliary care contracts in Liverpool.
Shares in Public Service Properties were untraded on Friday, having last traded at 26.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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