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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Helical Plc | LSE:HLCL | London | Ordinary Share | GB00B0FYMT95 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 203.00 | 202.00 | 203.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Lessors Of Real Property,nec | 49.85M | -64.51M | -0.5230 | -3.88 | 250.41M |
From Apr 2019 to Apr 2024
TIDMHLCL
RNS Number : 3820W
Helical PLC
14 November 2017
14 November 2017
HELICAL PLC
('Helical'/ 'the Company')
HELICAL MAKES NON-CORE DISPOSAL WITH GBP102M SALE OF RETIREMENT VILLAGES PORTFOLIO
Helical plc announces the sale of its retirement villages portfolio to Legal & General for GBP102 million. As part of the transaction, Helical has transferred the GBP46 million of debt secured against the portfolio to the purchaser and will receive 50% of the total net sale proceeds of GBP51m on completion, with the remainder deferred for 12 months.
The portfolio comprises four retirement villages located at Liphook in Hampshire, Faygate in West Sussex, Exeter in Devon and Great Alne in Warwickshire. The villages are at varying stages of development but on completion, the four schemes will deliver 694 units in total.
The disposal represents the largest element of the Company's non-core disposal programme and its sale will see a reduction in Helical's overall level of Group debt with the net cash proceeds received used to repay borrowings, and a reduction in LTV of circa 5%. The sale, at a discount of 13% to its book value of GBP117m, enables Helical to substantially complete its disposal strategy for non-core assets and will be reflected in the half year results for the period to 30 September 2017 to be announced tomorrow, the 15(th) November 2017. In the year to 31 March 2017, the retirement village portfolio generated pre-tax profits of GBP1.8m before provisions against stock of GBP5.3m, a net loss before tax of GBP3.5m.
Following this sale, non-core assets comprise just 4% of the Group's total portfolio. The Group's core focus remains on high-quality London and Manchester offices and the logistics sector.
Gerald Kaye, CEO of Helical, commented: "Whilst we have generated good profits in the past from our retirement village portfolio we firmly believe that now is the right time to sell our interests, reduce our gearing and focus solely on our core sectors where we expect to be able to generate stronger Shareholder returns in the future."
For further information please contact:
Helical Gerald Kaye / Tim Murphy Tel: 020 7629 0113 FTI Consulting Dido Laurimore/Tom Gough/Richard Tel: 020 3727 1000 Gotla
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 14, 2017 02:01 ET (07:01 GMT)
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