2nd Apr 2012 07:00
2 April 2012
Sweett Group plc
("Sweett Group" or "the Group")
Disposal of investment
Sweett Group, the international property and construction consultancy, announces that it has entered into a sale agreement for the disposal to Cygnet Investments (D&G) Limited of its 15% interest in the equity and subordinated loan notes of E4D&G Holdco Limited, the owner of the Dumfries & Galloway Schools PFI project.
The sale is being effected by the disposal of the Group's wholly-owned subsidiary Cyril Sweett Investments Limited, whose only assets at the effective date of 31 March 2012 were those relating to the Dumfries & Galloway project. The consideration of £2,175,000, payable immediately in cash to a client account with the Group's lawyers, will be released once the conditions in the sale agreement have been satisfied, which is expected to occur on or before 30 April 2012. The funds are earmarked for investment in the group's future development.
- Ends -
For further information
Sweett Group plc Dean Webster, Chief Executive Officer Chris Goscomb, Chief Financial Officer Theo Kjellberg, Group Communications Manager | +44 20 7061 9000
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FTI Consulting Billy Clegg, Oliver Winters, Latika Shah | +44 20 7831 3113
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Westhouse Securities Limited Tom Price, Paul Gillam | +44 20 7601 6100
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About Sweett Group
Sweett Group plc is a global business with expertise in property and infrastructure professional services. Our services include programme and project management, cost management, advisory and PPP/PFI investment.
We aim to forge long term, successful relationships with all stakeholders in the property and infrastructure industry. "Global knowhow, local delivery" is the essence of our business and our reach enables us to put global best practice to use in the local markets we serve.
www.sweettgroup.com
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