Disposal

    RNS Number : 7218K
  Strategic Retail PLC
  23 December 2008
   


    Strategic Retail plc 
    ("Strategic Retail" or the "Company")

    Disposal of certain assets

    
The Board of Strategic Retail announces that the Administrator of the three trading subsidiaries (Fads (Trading) Limited, Leveys (Fads)
Limited and Texstyle World (Fads) Limited) has disposed of certain of the assets of those companies to Divilimit Limited, a company owned by
Roy Gabbie, a director of the Company, for an initial cash consideration of £1,036,125 on completion. The balance of the consideration will
be determined following a reconciliation of certain other liabilities and prepayments associated with the assets acquired. It is anticipated
that the additional consideration will be in the region of a further £470,000 and will be payable in cash.

    The assets which are the subject of the transaction comprise one freehold store, the leasehold interests in, or licences relating to, 29
stores, the head office of the Company, fixtures and fittings, vehicles and stock with a total aggregate estimated book value of around
£3m.

    The proceeds of the transaction will be applied in accordance with insolvency rules towards the repayment of secured, preferential and
unsecured creditors.

    The directors of the Company (with the exception of Roy Gabbie, who is interested in the transaction as a related party) consider,
having consulted with the Company's nominated adviser, WH Ireland Limited, that the terms of the transaction are fair and reasonable insofar
as its shareholders are concerned.


     For further information please contact:

 Ian Currie (Chairman)  Strategic Retail plc  Tel: [phone]
 David Youngman         WH Ireland Limited    Tel: [phone]



This information is provided by RNS
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