11th Jan 2016 15:57
11 January 2016
LPA GROUP PLC
("LPA" or the "Group")
Additional Proceeds from 2013 Land Sale
LPA, the LED lighting and electro-mechanical system manufacturer and distributor, is pleased to announce that, pursuant to an 'overage' clause included in the £2.6m contract for sale of the Group's Tudor Works facility in Saffron Walden for a housing development in August 2013, the Group has been advised that the threshold for the development value of the site, above which overage payments would become payable, has been exceeded.
The additional proceeds to be received by the Group are not yet fully defined, but are likely to exceed £0.5 million (after commission and other costs).
An estimate of the additional proceeds will be included as an exceptional item in the results for the Group for the year ended 30 September 2015, which are expected to be published by 31 January 2016.
ENQUIRIES:
LPA Group plc | |
Peter Pollock, Chief Executive | Tel: 07881 626123 or 01799 512844 |
Steve Brett, Finance Director | Tel: 07881 626127 or 01799 512860 |
Cairn Financial (Nominated Adviser) | Tel: 020 7148 7900 |
James Caithie / Avi Robinson | |
WH Ireland (Broker) | Tel: 0113 394 6611 |
Tim Feather / Liam Gibben | |
Instinctif Partners (PR Adviser) | Tel: 020 7457 2020 |
Mark Garraway / Helen Tarbet |
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