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Share Name | Share Symbol | Market | Type |
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Great Thunder Gold Corp | CSE:GTG | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.37 | 0.355 | 0.385 | 0 | 01:00:00 |
RNS Number:5405P Get Group PLC 09 September 2003 9 September 2003 GET Group PLC ("GET" or the "Company") Acquisition of New Head Office Building The Company is pleased to announce that it has today exchanged contracts to acquire the freehold of a 14-year old purpose-built office building in Potters Bar, Hertfordshire for an aggregate cash consideration of #5.5 million plus associated stamp duty. The building has modern fixtures and fittings throughout, enabling GET to occupy its new Head Office almost immediately without incurring extensive refitting costs. The consideration is fully supported by an independent valuation. A 10% deposit has been paid on exchange and the balance of #4.95 million will be paid on completion, which is expected to take place towards the end of October 2003. The property, which is situated close to motorway links, comprises 42,000 sq ft of which GET will initially occupy 24,000 sq ft, the remainder to be let to the vendor at a peppercorn rent for two years. In addition, there are significant parking facilities at the property. The current head office of 16,000 sq ft in New Southgate, North London was originally acquired in 1988 as windowless warehousing space on an industrial estate. This has now been converted to office facilities. As a result of the significant growth in turnover, from #14 million at the time of the current head office's acquisition to #65 million in 2002, the operational and technology needs of the Group have changed significantly. The requirement therefore for increased and improved space with facilities that are required in today's market which are needed to keep and attract the high quality employees required for continued growth, has become more pressing. As a result of these factors and mindful of the expiry of the lease of the current head office in 2006, the Board concluded that new head office space was urgently required. Following the appointment of a firm of property agents, the Board has reviewed a number of potential buildings as well as financing options and selected the property at Potters Bar as fulfilling its criteria for a new head office. In addition, the Board has concluded that the purchase of the freehold of the property represents an attractive opportunity for the Company and also provides expansion options when the vendor vacates the surplus area of 18,000 sq ft. Any surplus space not occupied by the Company will be made available for let. The freehold property is expected to cost around #530,000 per annum (interest, service charge and business rates). Leased accommodation of the same size and quality would cost approximately #625,000 per annum (rent, service charge and business rates). We are evaluating the possibility of consolidating various commercial activities occupied by the Group within both the new Head office facility and our National Distribution Centre in West Bromwich. As part of this exercise we have commenced a marketing programme to dispose of the 82,500 sq ft long leasehold site occupied by Tower Manufacturing at Worcester. Funding for the acquisition has been arranged through a new #5.2m 20 year facility with HSBC, the Group's bank. The balance of the consideration will be met from GET's own resources. This loan is secured by a fixed charge over the property. The interest rate on this loan will be hedged at the time of completion, for the first seven years at a margin of 1% above the fixed seven year rate, which is currently 4.75%. Repayments on the loan are on a monthly basis and a balloon payment of #2.5m is due at the end of 20 years. Additional standby credit facilities have also been arranged. John Joseph, Chairman, commented: "We are delighted to have found and secured a well-located modern property that meets all our requirements both current and for some years to come and I am confident that its acquisition will be of significant benefit to the Company." For further information please contact: John Joseph, Chairman, GET Group PLC 020 8368 8833 Alex Borrelli Shore Capital 020 7408 4090 Adam Reynolds / Ben Simons Hansard Communications 020 7245 1100 / 0771 309 0135 This information is provided by RNS The company news service from the London Stock Exchange END ACQGCGDCCGGGGXC
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