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Share Name | Share Symbol | Market | Type |
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Res SpA | BIT:RES | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.10 | 1.69% | 6.00 | 5.35 | 6.10 | 5.90 | 5.60 | 5.60 | 2,331 | 17:00:00 |
RNS Number:4674U Rugby Estates PLC 21 January 2004 21 January 2004 Rugby Estates Plc ("Rugby"/"Group") SALE OF INTEREST IN COVENT GARDEN ESTATES LIMITED Rugby Estates Plc has agreed to sell its 50% shareholding in Covent Garden Estates Limited ("CGE") to Universal Consolidated Group Limited ("UCG"), its joint venture partner. In addition to the cash consideration for its shareholding of #1.2 million, Rugby will receive repayment of its loan to CGE amounting to #1.4 million at completion. Following this sale, the Group's interest in the Covent Garden area is retained through its 9.8% investment in the ING Covent Garden Limited Partnership. In Rugby's interim results as at 31 July 2003 the interest in and loan to CGE were included in the consolidated balance sheet at cost at a total of #1.3 million and in triple net assets at market value at a total of #2.5 million. CGE was established in 1995 as a joint venture with UCG to develop properties in the Covent Garden area. Following the disposal of the Seven Dials warehouse in 1998 and other smaller transactions, CGE now holds two mixed use commercial properties in Neal Street which were valued at 31 July 2003 at #6.0 million. CGE's pre-tax profit for the year ended 31 October 2003 was #0.3 million. The cash to be received at completion, which is due to take place on 27 January 2004, will increase Rugby's cash reserves pending reinvestment in future opportunities. -ENDS- For further information:- Andrew Wilson, Chief Executive Rugby Estates 020 7632 2200 Steve Jones, Finance Director Rugby Estates 020 7632 2200 Stephanie Highett/Dido Laurimore Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END MSCFGGZMGMGGDZM
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