28th Mar 2006 10:11
Worthington Group PLC28 March 2006 Worthington Group PLC (the "Company") Property Disposal 28 March 2006 Worthington are pleased to announce that contracts for the sale of theEccleshill site were exchanged on Friday 24 March 2006. A sale has been agreedsubject to receipt of planning approval for the sum of £1,050,000, withcompletion within 90 days of exchange. The sale will generate a profit ondisposal of some £674,000 before costs. We have received a planning resolution from the Council, subject to the signingof s106 planning conditions, which are as expected. The estimated cost of theseplanning conditions has led to the reduction in the selling price from thepreviously agreed sum of £1,200,000. Full details of the sale will be included in the Class 1 circular which ispresently being prepared for shareholder approval of the Fence Avenue property(previously announced on 6 March 2006) The funds realised will be added to the existing cash resources that will be inplace following the sale of Fence Avenue. J C Dwek CBE Chairman 28 March 2006 Enquiries: Worthington Group plc Joe Dwek CBE, Chairman Tel: 01625 549082 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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