SWJ Swan(J)

TIDMSWJ

RNS Number : 4738T

Swan(John) & Sons PLC

06 October 2014

John Swan & Sons PLC

6 October 2014

JOHN SWAN & SONS PLC

SALE OF LAND AT CHESSER AVENUE, EDINBURGH

The Board today announces that it has entered into an unconditional agreement for the disposal of the grazing field of approximately 1.4 acres at Chesser Avenue, Edinburgh to Marco's Leisure Limited for a gross cash consideration of GBP550,000. The disposal is expected to complete on Friday 10 October. Total expenses connected with the disposal are estimated at GBP10,000. The net proceeds receivable by John Swan will therefore be in the region of GBP540,000, generating a profit on disposal of GBP490,000 as the land is valued in the Company's books at GBP50,000.

The disposal includes a Clawback Agreement for a period of 5 years which, in summary, would produce additional proceeds in the event of the sale of the land for a sum in excess of the current consideration or in the event that planning permission is granted for change of use. The additional sum would be 50% of the increase in the value of the land.

The sale proceeds will be applied in meeting the Group's ongoing working capital requirements.

For further information, please contact:

 
 John Swan & Sons plc 
  Euan Fernie                     +44 131 225 4681 
 N+1 Singer (Nominated Adviser 
  and Broker) 
  Sandy Fraser 
  Richard Salmond                 +44 20 7496 3000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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