REG - GETECH Group plc - Sale of Asset & Change of Registered Office

GetechAnnouncement

22/01/2024 07:00

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RNS Number : 3562A  GETECH Group plc  22 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN

 

22 JANUARY 2024

 

Getech Group plc

("Getech" or the "Company")

Sale of Asset and Change of Registered Office and Place of Business

 

Getech (AIM: GTC), a world-leading locator of subsurface resources, is
pleased to announce the partial sale of its head office and subsequent change
of registered office and place of business.

Background:

The Company's head office is located at Elmete Hall near Leeds, which
comprises of three adjoining properties known as Kitson House, Nicholson House
and The Old Hall, of which the Company owned two properties: Kitson House,
which is a 5,726 sq ft Grade 2 listed Georgian building, and Nicholson House,
which is a modern 6,996 sq ft office building. During Covid, the Company
vacated Kitson House to reduce costs and Getech staff are now located within
Nicholson House.

Sale of Asset:

The Company is pleased to report that it has sold Kitson House for gross
proceeds £0.65m. Getech intends to use the net proceeds of the sale to
paydown bank debt secured on the property, which is currently in discussion
with the bank, with the remainder retained by the business for working
capital.

Retention of Asset:

The Company has retained freehold ownership of Nicholson House, which was
independently valued in December 2023 at £0.86m. The remaining debt, which is
estimated to be approximately £0.35m, will be secured solely against
Nicholson House. The Company continues to market Nicholson House for sale, and
the intention is to sell the property and move to more suitable premises in
central Leeds.

Change of Registered Office and Change of Place of Business:

Whilst there has been no physical move, the Company's registered office and
place of business has been updated to: Getech Group plc, Nicholson House,
Elmete Hall, Elmete Lane, Leeds LS8 2LJ, United Kingdom.

Richard Bennett, acting CEO said, "We are pleased to have sold Kitson House
and we will use the net proceeds to continue to develop the business. Although
the property market remains challenging, we shall continue to offer Nicholson
House to the market and use the proceeds to relocate within Leeds to more
appropriate offices closer to the university and its innovative community.
This will enhance the business as we accelerate the development of the Globe
geoscience platform."

 

For further information, please contact:

 

 Getech Group plc

 Richard Bennett, CEO                                        Tel:  0113 322 2200

 Cavendish Capital Markets Limited

 Neil McDonald / Pete Lynch (Corporate Finance)              Tel:  0207 397 8900

 Michael Johnson / Dale Bellis (Sales)

 Novella Communications                                      Tel: 0203 151 7008
 Tim Robertson / Claire de Groot / Safia Colebrook
 getech@novella-comms.com (mailto:getech@novella-comms.com)

 

Notes to editors:

 

Getech Group plc (AIM: GTC) applies its world-leading geoscience data and
unique geospatial software products to accelerate the energy transition by
locating, developing and operating geoenergy and green hydrogen projects.

 

For further information, please visit www.getech.com (http://www.getech.com/)
.

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