REG - Caledonian Trust PLC - AGM Statement

Caledonian TrustAnnouncement

24/02/2023 10:00

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RNS Number : 9997Q  Caledonian Trust PLC  24 February 2023

24 February 2023

 

Caledonian Trust plc

("Caledonian Trust" or "the Company")

 

AGM Statement

 

Caledonian Trust plc, the Edinburgh-based property investment holding and
development company, provides the following update ahead of the Company's
Annual General Meeting to be held at 12.30 p.m. today.

 

In the Company's full year results for the year ended 30 June 2022, published
in December 2022, the Company reported the following, inter alia, in relation
to the possible sale of St Margaret's House ("SMH"), the Company's largest
property, at 151 London Road, Edinburgh: "we are proposing to market the
property in Spring 2023, having all the necessary consents, providing
conditions are propitious.  We are currently receiving further unsolicited
proposals which are being considered".

 

In the period since, while preparing once again to market SMH in Spring 2023,
further unsolicited approaches were received in connection with SMH.  As a
result of the strong interest a closing date, by which time best and final
proposals should be submitted by potential purchasers, was set by the Company
for 23 February 2023.  Caledonian Trust has received three non-binding
proposals which are currently being reviewed and may or may not lead to a sale
of SMH.

 

All three proposals are being considered in detail and if any proposal is
deemed appropriate, Caledonian Trust intends to enter into an exclusivity
agreement with the preferred purchaser for a period during which the preferred
purchaser will complete their due diligence and negotiate the detailed terms
of any formal sale agreement to be concluded within that period.

 

No proposal will be accepted that does not realise the full market value of
SMH. Whilst the Board is hopeful of a satisfactory outcome, there can be no
certainty that a sale of SMH will proceed, nor to the terms or timing thereof.

 

A further announcement will be made when a formal sale agreement has been
entered into or the Company will otherwise provide an update in relation to
SMH in due course.

 

 

             Enquiries:

 Caledonian Trust plc
 Douglas Lowe, Chairman and Chief Executive Officer  Tel: 0131 220 0416
 Mike Baynham, Finance Director                      Tel: 0131 220 0416

 Allenby Capital Limited
 Nick Athanas                                        Tel: 0203 328 5656
 Alex Brearley

 Dan Dearden-Williams

 

 

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