2nd Nov 2005 11:01
Pendragon PLC02 November 2005 ANNOUNCEMENT PENDRAGON PLC ("Pendragon") Properly Joint Venture We are pleased to announce that we have successfully completed a joint venture agreement with a wholly owned subsidiary of The Royal Bank of Scotland PLC ("RBS"), which has subscribed in cash for a 49% equity shareholding in our new subsidiary company PPHO Limited ("PPHO"). PPHO, which owns properties which are leased to Pendragon, has entered into a ten year loan facility agreement with RBS to fund the business on a long term committed basis. The new loan facility will be used to repay the existing intra group loan account with Pendragon. The gross assets of PPHO at completion are £105.3 million. As a result of this joint venture agreement Pendragon receives net cash proceeds of £98.0 million and will recognise a profit before tax of £6.2 million. EnquiriesTrevor Finn, Chief Executive - 01623 725 114 David Forsyth, Finance Director - 01623 725 114 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PDG.L