Discover Leisure Sells Portsmouth Site For GBP1.7 Million

Discover Leisure PLC (DISL.LN), a leisure industry retailer, said Monday it completed the sale of its Portsmouth site for a cash consideration of GBP1.7 million to BDW Trading Limited, part of Barratt Developments PLC (BDEV.LN) on Nov. 11.

MAIN FACTS:

-A profit of GBP150,000 will be realized based upon its book value of GBP1.5 million.

-This completes the sale of the seven surplus properties which arose as a result of the restructuring of the group in the early summer of 2009.

-All seven properties have realized a total of GBP4.9 million compared with a valuation in April 2009 of GBP4.4 million.

-All proceeds have been used to pay down the Group's asset disposal loan with Natwest Bank (NWBD.LN) and this final disposal leaves a balance of GBP293,000.

-A monthly repayment schedule has been agreed of GBP10,000 in the months of October to March inclusive and GBP19,000 from April to September with any balance remaining being payable in May 2012.

-This loan incurs interest at 4.75% above LIBOR.

-Shares of Discover Leisure at 0941 GMT up 0.05 pence or 3.39% at 1.52 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel [phone], [e-mail]