5th Mar 2015 12:12
5 March 2015
MJ GLEESON PLC
Announcement regarding GB Group Holdings Limited
MJ Gleeson (GLE.L) (the "Group"), the urban regeneration and strategic land specialist, has been notified that GB Group Holdings Limited ("GBGH"), in which the Group has a 25% shareholding, has given notice that it intends to appoint Administrators. Consequently, the Group's £4.9m investment in GBGH is now considered to be at risk. The Group's investment in GBGH was made in 2005 in order to facilitate a management buyout of the Group's building contracting division. Any subsequent write down will be recorded as an exceptional, non-cash, item in the Group's results for the current year ending 30 June 2015.
Current trading remains strong with the Board remaining confident of delivering an underlying result for the year in line with current market expectations.
Enquiries:
MJ Gleeson PLC | Tel: +44 1252 360 300 | |
Jolyon Harrison | Chief Executive Officer | |
Alan Martin | Chief Financial Officer | |
Instinctif Partners | Tel: +44 20 7457 2020 | |
Helen Tarbet | ||
James Gray | ||
N+1 Singer | ||
Shaun Dobson | Tel: +44 20 7496 3000 | |
Emily Watts Ben Griffiths |
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