REG - Caledonian Trust PLC - Update on proposed sale of St Margaret's House

Caledonian TrustAnnouncement

23/08/2019 16:25

RNS Number : 1229K
Caledonian Trust PLC
23 August 2019
 


 
23 August 2019
Caledonian Trust plc
("Caledonian Trust" or the "Company")
Update on proposed sale of St Margaret's House
 
Caledonian Trust, the Edinburgh-based property investment holding and development company, provides an update on its proposed sale of St Margaret's House, 151 London Road, Edinburgh ("St Margaret's" or the "Property") to Drum Property Group Limited ("Drum" or the "Purchaser") (the "Proposed Disposal"). Details of the Proposed Disposal were originally announced by the Company on 5 February 2018 and an update was provided by the Company on 24 May 2019 providing details of the amended missives that were entered into on 23 May 2019.
 
Following recent discussions, Caledonian Trust and Drum have now agreed to a further amendment to the amended missives entered into on 23 May 2019, in relation to the Proposed Disposal (the "Missives"), in order to allow Drum sufficient time to progress with the planning application.
 
Under the amended Missives, Drum will now be required to submit the requisite planning application for consent for its proposed developments by 23 September 2019 (previously 23 August 2019 under the missives previously entered into by Drum and Caledonian Trust).
 
There are no other changes to the amended missives entered into by Drum and Caledonian Trust on 23 May 2019. As such, following submission of the planning applications, Drum will still have until 23 August 2020 to secure such consent and the rest of the outline timings detailed in the Company's announcement of 24 May 2019 remain unchanged.
 
The Directors' expectations remain that completion of the Proposed Disposal will take place by 24 May 2021.
 
The amendment to the Missives outlined above will not affect the consideration for the Proposed Disposal, which remains as £15.0 million (exclusive of VAT), payable to the Company on completion of the Proposed Disposal in cash. 
 
The Company will release further announcements on the Proposed Disposal at the appropriate time.
 
 
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
(Nominated Adviser and Broker)


 




Nick Athanas
Alex Brearley


Tel: 0203 328 5656




 


 




 


 



 




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