Bailey(C.H.) PLC Payment of deposit on remaining property in Malta (1625C)

TIDMBLEY

RNS Number : 1625C

Bailey(C.H.) PLC

12 April 2013

C H Bailey plc

Date: 12 April 2013

Payment of deposit on remaining property in Malta

CH Bailey plc ("the Company"), the diverse group of businesses, with investments and operations around the world in Leisure, Property principally in Tanzania and Malta and a UK engineering business, is pleased to announce the receipt of the deposit of EUR400,000 in relation to the sale of their remaining property in Malta.

As announced on 9 September 2011, St George's Bay Hotel Limited ("SGBH"), a wholly owned subsidiary of the Company, agreed with Garnet Investment Ltd ("GIL") to vary the Main Site Agreement, being the conditional promise of sale under Maltese law dated 9 October 2009 and made between (1) SGBH and (2) GIL in relation to the remaining property. As a result, GIL had been given until 30 March 2015 to complete the purchase of the Group's remaining property for a consideration of EUR13,743,283. As part of the variation, GIL agreed to pay to SGBH a deposit of EUR400,000 by no later than 30 March 2013.

We can confirm that this deposit has been received and, accordingly, that a second ranking charge over the Old Villa in Malta and adjoining areas granted to SGBH by GIL is extinguished.

Further particulars of the original arrangements were set out in the circular to shareholders of the Company dated 12 October 2009. A copy of the Circular (12 Oct 2009), and of the revised terms of sale (9 Sep 2011), are both available on the Company's website: www.chbaileyplc.co.uk.

Contacts:

CH Bailey plc

Bryan Warren, Company Secretary [phone]

Arden Partners plc

Richard Day, Jamie Cameron

[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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