31st Oct 2007 12:23
Stadium Group PLC31 October 2007 Stadium Group Plc ("the Company") - Substantial transaction update 31 October 2007 Update re: Sale of freehold property at Hartlepool On 3 September 2007, the Company announced the exchange of contracts for thesale of surplus freehold property, currently let to tenants at Hartlepool, withnet book value of approximately £3.25m. Completion was expected during Octoberwith net proceeds of approximately £3.4m. On 12 October 2007, the major tenant entered administrative receivership. As aconsequence, the buyer of the property (a privately held company) has requestedadditional time to effect completion. On 26 October 2007, a tri-partite agreement was reached between the Company, thetenant and the property buyer which secures the rental income from the propertyfor the duration of the administrative receivership subject to a minimum ofthree months notice. Completion of the contract for the sale of the property is expected in duecourse, and the Company continues to earn rental income until actual completiontakes place. Enquiries: Stadium Group plc 01429 852520Nigel Rogers, Chief Executive Brewin Dolphin Investment Banking 0845 270 8610Andrew Emmott Paul McManusPark Green Associates 020 7851 7480 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Stadium Group PLC