Caffyns PLC
12 November 2004
PROPERTY DISPOSAL
Caffyns PLC ("the Company") announces that it has today exchanged conditional
contracts for the sale of its vacant freehold site at Kingsway, Hove, Sussex to
Berkeley Homes (Southern) Limited ("Berkeley"). The consideration of £3.1
million is payable in cash 15 working days following the granting of detailed
planning permission and is subject to the completion of certain environmental
obligations by the Company. The purchaser is required to submit a detailed
planning application by 14 January 2005. There are provisions covering an appeal
process should it be deemed appropriate by the Company and Berkeley. If planning
approval is not granted following the appeal process, then the contract is
terminated.
In the event that the contract for sale becomes unconditional, the proceeds will
be applied in reducing the Company's borrowings.
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
This information is provided by RNS
The company news service from the London Stock Exchange
12 November 2004
PROPERTY DISPOSAL
Caffyns PLC ("the Company") announces that it has today exchanged conditional
contracts for the sale of its vacant freehold site at Kingsway, Hove, Sussex to
Berkeley Homes (Southern) Limited ("Berkeley"). The consideration of £3.1
million is payable in cash 15 working days following the granting of detailed
planning permission and is subject to the completion of certain environmental
obligations by the Company. The purchaser is required to submit a detailed
planning application by 14 January 2005. There are provisions covering an appeal
process should it be deemed appropriate by the Company and Berkeley. If planning
approval is not granted following the appeal process, then the contract is
terminated.
In the event that the contract for sale becomes unconditional, the proceeds will
be applied in reducing the Company's borrowings.
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
This information is provided by RNS
The company news service from the London Stock Exchange
