Completion of Disposal of Property Portfolio (8125J)

TIDMHTI

RNS Number : 8125J

Hawtin PLC

05 July 2011

Hawtin Plc - in administration

Completion of Disposal of Industrial Property Portfolio

Hawtin Plc - in administration ("Hawtin" or the "Company") announces that following shareholder approval being obtained at the Company's General Meeting on 31 March 2011 at 10.00 a.m., Hawtin's administrator has completed the disposal of the group's 800,000 sq ft mixed commercial property portfolio to Gracelands Investments Limited, a related party of Hawtin.

Hawtin remains in administration following the enlodgement of a claim for GBP3 million by Anglo Irish Bank Corporation Limited (AIBC) against a parent company guarantee provided by the Company in relation to Millennium Plaza in Cardiff, a property then owned by Hawtin's subsidiary, Crown Investments Limited. Millennium Plaza has since been sold by Allsops acting as LPA receiver for AIBC although the GBP3 million claim remains lodged.

The Company's shares will remain suspended until the claim by AIBC is either settled or withdrawn thereby clarifying the financial position of the group and also that the Company's annual report and accounts for the year ended 31 December 2010 are issued to shareholders.

- Ends -

Enquiries:

 
 Hawtin PLC 
 Nicola Crickmore, Company Secretary     Tel: [phone] 
 
 
 Seymour Pierce Limited 
 Guy Peters / David Foreman (Corporate   Tel: [phone] 
  Finance) 
 Richard Redmayne (Corporate Broking) 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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