17th Feb 2005 09:45
Sherwood Group PLC17 February 2005 Sherwood Group plc Update on sale of property The sale of the Borrowash property, formerly used by its Birkin Internationalsubsidiary, was approved by Shareholders at an EGM held on 25 October 2004.Subsequently, the Group exchanged contracts with David Wilson Homes Ltd for thesale, subject to planning approval for residential development. A planningapplication was submitted and was debated by the relevant authorities at the endof January 2005. In the event this application has been refused. Sherwood and David Wilson Homes have considered their response, which willinvolve: 1. An appeal against the decision, which is likely to take the form of a public enquiry and; 2. The submission of an additional application to address some of the objections raised in the original refusal Accordingly the Board advises that the quantum and timing of cash due to bedistributed to shareholders and any special payment into the pension scheme maybe impacted adversely depending on the outcome of the planning process. 17 February 2005 ENQUIRIES: Sherwood Group plcNoel Jervis, Chairman Tel: 07710 491 083Martin Webster, Finance Director Tel: 0115 946 1070 College HillGareth David Tel: 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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