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FSTA Fidelity MSCI Consumer Staples Index

49.71
-0.26 (-0.52%)
23 Dec 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Fidelity MSCI Consumer Staples Index AMEX:FSTA AMEX Exchange Traded Fund
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  -0.26 -0.52% 49.71 49.8638 49.2101 49.83 241,686 23:08:42

Potential Disposal

18/12/2003 7:00am

UK Regulatory


RNS Number:4025T
Fuller,Smith&Turner PLC
18 December 2003

18 December 2003
                          Fuller Smith & Turner P.L.C.

                        Potential Disposal of Hotel Site

Fuller Smith & Turner P.L.C. ("Fuller's" or "the Company") announces that it has
today entered into an option agreement with Tesco Stores Limited ("Tesco"),
giving Tesco the option to acquire Fuller's freehold and leasehold interests in
the Master Brewer Hotel site at Hillingdon, West London, for a total cash
consideration of #18.5m.

The option can be exercised by Tesco at any time within three years and obliges
Tesco to apply for planning permission for, inter alia, a supermarket store on
the site. If, however Tesco does not exercise the option, then Fuller's has the
option to buy the freehold interests in the site that it currently leases from
Tesco and some adjoining land currently owned by Tesco for #3.0m. In such
circumstances, Fuller's will develop or dispose of the site as appropriate.

The 105-bedroom Master Brewer Hotel has been trading on this site since1969. The
net book value at, and profits in, the financial year ending 27 March 2003 were
#5.3m and #0.3m respectively.

In the event that the transaction does complete, an exceptional pre-tax profit
of approximately #12.9m will be generated at the time, the majority of which is
unlikely to give rise to a corporation tax liability under current legislation
due to the anticipated availability of roll over relief.

It is likely that the proceeds will be used to finance the Company's programme
of pub acquisitions and share buy-backs. On the assumption that the proceeds are
retained within the business, the disposal will be earnings enhancing.

The planning process is complex and permission for a supermarket store cannot be
guaranteed. Until such time as planning permission is received and the option
exercised, it is the Company's intention to continue trading at the Master
Brewer Hotel, which has a long-serving and loyal team of staff and management.

As previously announced, Fuller's will be opening another 55-bedroom hotel in
Hillingdon adjacent to the Red Lion Pub in the summer of 2004.

                                    - Ends -

For further information, please contact:

Fuller, Smith & Turner P.L.C
Press Office                                      020 8996 2175/2198/2048
                                                  Mobile 07748 657854
                                                  Email: pr@fullers.co.uk
Michael Turner, Chief Executive (Press)           020 8996 2048
Paul Clarke, Finance Director (Analysts)          020 8996 2048

Merlin Financial                                  020 7606 1244
Paul Downes
Vanessa Maydon                                    Mobile 07802 961 902




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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