REG - Eco Animal Health Gp - Disposal of Freehold Properties

ECO Animal HealthAnnouncement

08/01/2024 07:00

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RNS Number : 8562Y  Eco Animal Health Group PLC  08 January 2024

8 January 2024

 

ECO Animal Health Group plc

("ECO" or the "Company")

 

Disposal of Freehold Properties

 

ECO Animal Health Group plc (AIM: EAH) announces that on 5 January 2024 the
Company completed the sale of its freehold property in New Malden, Surrey.
 This was the former registered office of the Company and following
relocation of all functions to its office in Southgate, London, the office was
surplus and unused.  The net consideration received for the sale of this
property was £831,454.  The carrying value of the property was £565,000.

 

Additionally, on 28 November 2023, the Company's freehold property at Western
Road, Mitcham was sold to its long term occupier (an education charity) for
net consideration of £227,000.  This matched its carrying value and the
previous rent payable was a peppercorn.

 

The total cash received from these two property sales was £1,058,454 after
fees and expenses.

 

The Board intends to use the majority of the net proceeds to advance the
growth aspirations of ECO. In due course, the Board also intends to use some
of the proceeds to purchase ordinary shares of the Company in the market to
cover possible future vesting of employee share-based incentives including
share options, long term incentive plans and the deferred bonus scheme. In
order to carry out such market purchases, the Company will need to seek
approval from shareholders in a general meeting.

For further information please contact:

                                                                020 8447 8899

 ECO Animal Health Group plc

 David Hallas (CEO)

 Christopher Wilks (CFO)

 Singer Capital Markets (Nominated Adviser & Joint Broker)      020 7496 3000

 Phil Davies

 Sam Butcher

 Investec (Joint Broker)                                        020 7597 5970

 Gary Clarence

 Lydia Zychowska

 Equity Developments                                            020 7065 2692

 Hannah Crowe

 Matt Evans

 ICR Consilium (Investor Relations)                             020 3709 5700

 Mary-Jane Elliott

 Isabelle Abdou

 

 

 

About ECO Animal Health

ECO Animal Health Group plc researches, develops and commercialises products
for livestock. Our business strategy is to generate shareholder value by
achieving the maximum sales potential from the existing product portfolio
whilst investing in Research and Development ("R&D") for new products,
particularly vaccines, and seeking to in-license new products.

 

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