Newbury Racecourse Plc Final David Wilson Homes development payment received

 
TIDMNYR 
 
2 March 2022 
 
                            NEWBURY RACECOURSE PLC 
                    ("Newbury Racecourse" or the "Company") 
 
       David Wilson Homes development agreement - final payment received 
 
Newbury Racecourse announces that yesterday it has received £10.7m from David 
Wilson Homes.  This is the final contractual payment due to the Company in 
relation to the purchasing of land for the redevelopment of the racecourse. 
 
The original agreement with David Wilson Homes was announced on 19 September 
2012 and included: the construction of approximately 1,500 residential units; 
the upgrading of the racecourse and parking facilities; the construction of a 
hotel, the construction of a new children's nursery; and the improvement of 
roads and an access bridge. Whilst some of the residential units are still to 
be constructed, yesterday marked the final payment under David Wilson Homes' 
minimum land value commitment (as set out in the joint venture development 
agreement between the Company and David Wilson Homes).  Further details of the 
joint venture development agreement can be found in the Company' announcement 
of 19 September 2012. 
 
A substantial amount of these funds will now be used to pay down the Company's 
NatWest bank loan and settle the final repayment of the Compton Beauchamp 
Estates loan (which has been deferred from 5 November 2020). 
 
As stated in the 29 October 2012 rights issue circular, the board of Newbury 
Racecourse remains committed to making a capital return to shareholders and a 
further announcement on this will be made as part of the 2021 preliminary 
results, which are expected to announced in May 2022. 
 
For further information please contact: 
 
Newbury Racecourse plc 
                                                            Tel: [phone] 
Julian Thick, Chief Executive 
Harriet Collins, Marcomms & Sponsorship Director 
 
Allenby Capital Limited (AQSE Corporate adviser)                           Tel: 
0203 328 5656 
Nick Naylor/Liz Kirchner (Corporate Finance) 
 
Hudson Sandler 
 
Tel: [phone] 
Charlie Jack 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 02, 2022 02:00 ET (07:00 GMT)