25th May 2007 07:00
25 May 2007 BIDTIMES PLC ("Bidtimes" or the "Company") Proposed sale of investment property
Bidtimes announces that a circular has been sent to shareholders today convening an extraordinary general meeting ("EGM") to be held on 26 June 2007. The circular sets out the terms of a proposed sale of the investment properties known as 89a Waterfall Lane, Cradley Heath to a director of the Company (the "Disposal").
Disposal of Freehold Investment Properties
Shareholders will be aware that in the extraordinary general meeting of the Company held on 8 December 2006, certain resolutions were approved including, inter alia, a resolution to sell certain properties owned by the Company to Mr Russell Stevens.
Following the approval of the resolutions, Mr Stevens completed the purchase of two of the three investment properties known as 47 Scholars Walk, Devon and 91 Waterfall Lane, Cradley Heath, details of which were set out in the announcement made by the Company on 12 December 2006.
Following the completion of the two disposals, Mr Stevens then attempted to put into place the mortgage finance based on the independent valuation of the third property, known as 89a Waterfall Lane, Cradley Heath. Mr Stevens was required by his mortgage provider to secure a new valuation. The new valuation received did not support the proposed purchase price that had been approved by shareholders at the extraordinary general meeting on 8 December 2006, of ‚£ 172,500.
Following receipt of this valuation, Mr Stevens notified the Board that he was not able to complete the purchase based on the previous valuation. Consequently, the Independent Directors sought a new independent valuation to confirm the current value of the property. The new valuation report has valued the property at ‚£157,500 and the Independent Directors now wish to seek shareholder approval for the proposed sale at this valuation.
If the sale of the property is approved, the proceeds will be applied in extinguishing the remaining mortgage.
In accordance with s320 of the Act the disposal of the property to a director at the revised valuation is subject to shareholder approval and an appropriate resolution is included in the notice of EGM which has been sent to shareholders today.
The Independent Directors consider, having consulted with John East & PartnersLimited, that the terms of the Disposal are fair and reasonable insofar as itsShareholders are concerned.Enquiries: Russell Stevens 07860 562621 Bidtimes Plc
David Worlidge/Simon Clements 020 7628 2200
John East & Partners Limited
BIDTIMES PLCRelated Shares:
Powerhouse Ener