Electronic Data Processing PLC Disposal of Surplus Freehold Property (3762M)

TIDMEDP

RNS Number : 3762M

Electronic Data Processing PLC

12 October 2016

12 October 2016

Electronic Data Processing PLC ("EDP")

Disposal of Surplus Freehold Property

EDP announces that it has exchanged contracts to dispose of its surplus freehold property in Milton Keynes to The Church of Pentecost - UK for a cash consideration of GBP1.2 million. Costs associated with the disposal are estimated to be GBP21,000. The property had a net book value of GBP1.18m at 30 September 2016. The net sales proceeds will be added to existing cash resources.

The property has been leased to a charitable organisation on a short-term basis and, whilst this arrangement has not generated significant rental income, it has mitigated business rates of GBP53,000 per annum. In addition to securing these savings on a permanent basis, the disposal will result in additional cash savings of approximately GBP20,000 per annum.

-ENDS-

Enquiries:

 
 Julian Wassell    James Storey       Toby Mountford 
 Chief Executive   Finance Director   Citigate Dewe 
                                       Rogerson 
                                      020 7638 9571 
 0114 262 2010     0114 262 2010       / 07710 356611 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 12, 2016 07:57 ET (11:57 GMT)