REG - GETECH Group plc - Sale of Nicholson House

GetechAnnouncement

04/02/2025 07:15

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RNS Number : 7392V  GETECH Group plc  04 February 2025

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014, which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

Getech Group PLC

("Getech" or the "Company")

Sale of Nicholson House and Repayment of all Borrowings

Getech, a world-leading locator of subsurface resources, is pleased to
announce the sale of its headquarters building, Nicholson House.

On 3(rd) February 2025 the Company exchanged contracts on the sale of its
freehold interest in Nicholson House for a sale price of £725,000, including
receipt of a non-refundable deposit of £72,500, with completion set for
27(th) February 2025.

On completion, a portion of the net proceeds will be used to repay the balance
outstanding on the Company's bridge loan facility (c. £420,000) and other
transaction fees, thereby eliminating all Company borrowings and significantly
improving the Company's financial position.

As part of the contractual agreement, Getech will continue to occupy one floor
of Nicholson House under a partial leaseback which includes an initial three
months' rent-free period. Once complete, the sale and partial leaseback
transaction will provide the Company with continuity of operations while
achieving value from its property assets and follows the sale of Kitson House
in January 2024, an adjacent building which also formed part of the Company's
headquarters.

Chris Jepps, Interim CEO of Getech, commented:

"The sale and partial leaseback agreement has several tangible benefits:
firstly, unlocking the value of our real estate asset enables us to eliminate
our debt and provide a stronger foundation for operations and growth.
Secondly, by securing a good-value rent, we maintain operational stability for
our head office and minimise any disruption. Overall, the transaction is a key
component in rebalancing the Getech business and improving its operational
efficiency."

 

For further information, please contact:

 Getech Group plc

 Chris Jepps, 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

Notes to Editors:

About Getech

Getech is a leading locator of the energy and mineral resources essential for
the world's energy transition. The Company combines unique geoscience
expertise, AI-driven analytics, and extensive GIS capabilities to deliver
actionable insights that support resource discovery and development. Serving
clients across governments, municipalities, and a wide range of industries,
Getech is committed to enabling energy and mineral self-sufficiency while
driving progress toward net zero.

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

 

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