WLW Woolworths

    RNS Number : 5650F
  Woolworths Group PLC
  10 October 2008
   

    Woolworths Group plc announces that its subsidiary Woolworths plc has reached agreement to dispose of the leases on up to 9 stores to
Tesco Stores Limited for a consideration of up to �9 million. 
    The transfers of the individual leases are subject to individual conditions and, subject to fulfilment of these conditions, would be
expected to occur on a lease by lease basis over the next 6 months. The proceeds from the disposal, which will be received in cash at
completion, will be used to reduce Group borrowings.
    Assuming all 9 leases are transferred this would generate a profit of approximately �7 million which will be disclosed as part of the
operating profit from property transactions, their net asset value being approximately �1 million.

    Further information
    Stephen East    Group Finance Director        020 7479 5179
    Susanna Voyle    Tulchan Communications    020 7353 4200 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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