26th Jan 2006 13:00
Park Group PLC26 January 2006 26 January 2006 NEWS RELEASE PARK GROUP PLC ("the Company") Conditional disposal of surplus land The Company has today agreed the conditional disposal of a parcel of landsituated at Dock Road North, Birkenhead, Merseyside, to McInerney Homes Limited('McInerney'). This land is surplus to the Company's requirements and has a book value of£0.7m. McInerney has conditionally agreed to pay £2.6m in cash for the land,which it intends to use for building development purposes. The proposed sale issubject to a number of conditions being satisfied prior to completion, includinga satisfactory report on the suitability of the ground for development and thegranting of appropriate planning permission. Given that it is likely thatattaining the appropriate planning permission may take several months, thetransaction value of £2.6m is subject to indexation adjustment based on themovement in house prices in the North West. Any such adjustment is capped so asto give a maximum transaction value of £5.0m. The proceeds of sale will be added to the Company's cash balances. -Ends- Enquiries: Park Group plc - Tel: 0151 653 1700 Peter Johnson, Executive Chairman Chris Houghton, Group Managing Director Tavistock Communications - Tel: 020 7920 3150 Jeremy Carey Christian Taylor-Wilkinson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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