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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Widney | LSE:WDNY | London | Ordinary Share | GB0009665778 | 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% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5455U Widney PLC 05 April 2007 Widney plc ("Widney" or "the Company") Proposed sale of land and property at Far Cotton, Northampton and sale and leaseback of land and property at Lichfield Road, Walsall Widney today announces that the Company has conditionally agreed to dispose of its freehold premises at Far Cotton, Northampton and Lichfield Road, Walsall to Minton Northampton LLP. The Company has also conditionally agreed to lease back the Lichfield Road Property from the Purchaser. The Lichfield Road Property is currently occupied by Belcot Tool & Die Limited, a wholly owned subsidiary of the Company, which manufactures metal press tools predominantly for the automotive industry. The consideration, in each case payable in cash to the Company by Minton, is #5.5 million for the Far Cotton Property and #1.5 million for the Lichfield Road Property. The Lichfield Road Property shall be leased back to Belcot Tool & Die Limited under a full repairing and decorating lease subject to a schedule of conditions for a term of ten years at an annual rent of #150,000. The lease provides for a five year break clause and is subject to five yearly upward only rent reviews, with a two year guarantee granted by Widney. The carrying value in the Company's accounts for the Far Cotton Property was #5,111,419 and #1,692,872 for the Lichfield Road Property, each as at 28 February 2007. The proceeds from the disposal of the Properties will be used to repay the Group's borrowings, leaving the Group debt free. Both the Disposal and the Sale and Leaseback are conditional upon (i) simultaneous exchange and completion with each other and (ii) the approval of the Company's shareholders at the EGM. Information on the Far Cotton Property The Company acquired the Far Cotton Property in May 2004 from the administrators of Airflow Streamlines plc for #4m and subsequently sold surplus land for #2.2m. The Directors believe that the realisation of a further #5.5m justifies the Board's decision to enter into the Far Cotton Agreement. Information on the Lichfield Road Property The Group acquired the Lichfield Road Property in March 2000 as part of the assets acquired when the Company purchased the entire issued share capital of Belcot Tool & Die Limited. Belcot subsequently invested in the property to increase the height and install 50 ton lifting capacity. The Directors believe the carrying value in the Company's accounts of #1,692,872 justifies the price to be received by the Company under the Lichfield Road Agreement. Reasons for the Disposal and the Sale and Leaseback A serious deterioration in trading at Widney Cabs Limited and the uncertain outlook caused by a major customer's transfer of its cab manufacture to Europe, led the Board to determine that its continuing support for Widney Cabs was no longer in the best interest of the Group. Accordingly, an administrator was appointed on 22 January 2007. The Group borrowed monies from Barclays Bank Plc for the purpose of purchasing the Widney Cabs assets and following the appointment of an Administrator in respect of Widney Cabs the Group wishes to repay those borrowings The remainder of the Group continues to be profitable. The sale of the 9 acre Far Cotton Property, and the sale and leaseback of the Lichfield Road Property will leave the Group debt free, with a turnover of approximately #20 million. Application of proceeds As at 28 February 2007, Widney Plc had outstanding medium term loans totalling #3.2m and the Group had an outstanding working capital facility of approximately #3m, each with Barclays Bank plc. The proceeds of the disposals of the Properties will be applied, to the extent necessary, to repaying these borrowings. Recommendation The Directors consider the proposed Disposal and Sale and Leaseback to be in the best interests of Widney and its Shareholders as a whole and therefore recommend Shareholders to vote in favour of the Resolution, as they intend to do so in respect of the shares in Widney owned or controlled by them representing approximately 21.22 per cent. of the existing issued share capital of the Company. 5 April 2007 Enquiries: Widney Plc Tel: 0121 327 5500 Joe Grimmond, Chairman Graham Errington, Finance Director College Hill Tel: 020 7457 2020 Richard Pearson This information is provided by RNS The company news service from the London Stock Exchange END DISUVSNRBVRSRAR
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