REG - Wynnstay Properties - AGM Trading Update

Wynnstay PropertiesAnnouncement

16/07/2019 11:30

RNS Number : 6966F
Wynnstay Properties PLC
16 July 2019
 


The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")

AGM Trading Update
16 July 2019
By way of update to the Annual Report and Financial Statements dated 12 June 2019, Philip Collins, the Chairman of the Company, will make the following announcements to shareholders at its Annual General Meeting today:
Sale of Basingstoke Property:
Following negotiations under the previously announced lease and option to purchase arrangement with its tenant, Bolling Investments Limited, a subsidiary of Lookers plc, in relation to Units 1, 2 and 3 Crockford Lane, Basingstoke ("the Property"), the Company has today completed the sale of the Property for £1,775,000 in cash. For the year ended 25 March 2019, the Property generated net rental income of £82,000. The net sale proceeds, after costs, of £1,752,000 will realise a pre-tax profit of £352,000 over net book value of £1,400,000, which will be reflected in the accounts for the current year to 25 March 2020. The sale proceeds will be held as working capital pending reinvestment.
For further information please contact:
Wynnstay Properties Plc:
Toby Parker, Finance Director 020 7554 8766
 
Panmure Gordon (UK) Limited (Nominated Adviser and Broker):
Alina Vaskina / Ryan Lever
020 7886 2500




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