Re: Option
20 Agosto 2007 - 4:01AM
UK Regulatory
Re: Option
20 August 2007
Property Recycling Group plc
The Company has been advised by IKEA Properties Investments Limited
that it does not intend to exercise the option it holds to purchase
the Stanton site due to lack of need.
Planning approval for the development of a 114,900 sq m distribution
centre was granted in 2006 and this approval stays with the site.
The exercise price under the option was set in 2001. In the opinion
of the Directors the freehold value of the site exceeds the option
price. The future of the site will now be reviewed to include
marketing existing and alternative planning potential.
Commenting Paul Rackham, chairman, said:
"The Stanton site is well located and has the benefit of a valuable
full planning approval. We are now able to re-assess the strategy to
deliver the maximum value for shareholders."
For further information please contact:
Paul Rackham, Chairman
Property Recycling Group plc
www.propertyrecycling.co.uk
01953 717176
Noelle Greenaway
Insinger de Beaufort
Nominated Adviser
www.insinger.com
020 7190 7000
John Webb
Marshall Securities
Broker
020 7490 3788
Rachel Drysdale / Jeremy Carey
Tavistock Communications
0207 920 3150
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