Eco Animal Health Group PLC Disposal of Freehold Properties (8562Y)

TIDMEAH

RNS Number : 8562Y

Eco Animal Health Group PLC

08 January 2024

8 January 2024

ECO Animal Health Group plc

("ECO" or the "Company")

Disposal of Freehold Properties

ECO Animal Health Group plc (AIM: EAH) announces that on 5 January 2024 the Company completed the sale of its freehold property in New Malden, Surrey. This was the former registered office of the Company and following relocation of all functions to its office in Southgate, London, the office was surplus and unused. The net consideration received for the sale of this property was GBP831,454. The carrying value of the property was GBP565,000.

Additionally, on 28 November 2023, the Company's freehold property at Western Road, Mitcham was sold to its long term occupier (an education charity) for net consideration of GBP227,000. This matched its carrying value and the previous rent payable was a peppercorn.

The total cash received from these two property sales was GBP1,058,454 after fees and expenses.

The Board intends to use the majority of the net proceeds to advance the growth aspirations of ECO. In due course, the Board also intends to use some of the proceeds to purchase ordinary shares of the Company in the market to cover possible future vesting of employee share-based incentives including share options, long term incentive plans and the deferred bonus scheme. In order to carry out such market purchases, the Company will need to seek approval from shareholders in a general meeting.

For further information please contact:

 
 
     ECO Animal Health Group plc 
     David Hallas (CEO)                           020 8447 
     Christopher Wilks (CFO)                      8899 
    Singer Capital Markets (Nominated Adviser 
     & Joint Broker) 
     Phil Davies                                 020 7496 
     Sam Butcher                                  3000 
    Investec (Joint Broker) 
     Gary Clarence                               020 7597 
     Lydia Zychowska                              5970 
    Equity Developments 
     Hannah Crowe                                020 7065 
     Matt Evans                                   2692 
    ICR Consilium (Investor Relations) 
     Mary-Jane Elliott                           020 3709 
     Isabelle Abdou                               5700 
 

About ECO Animal Health

ECO Animal Health Group plc researches, develops and commercialises products for livestock. Our business strategy is to generate shareholder value by achieving the maximum sales potential from the existing product portfolio whilst investing in Research and Development ("R&D") for new products, particularly vaccines, and seeking to in-license new products.

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January 08, 2024 02:00 ET (07:00 GMT)