Feedback PLC Disposal of Freehold Property (0393J)
11 Juli 2013 - 8:00AM
UK Regulatory
TIDMFDBK
RNS Number : 0393J
Feedback PLC
11 July 2013
11 July 2013
Feedback plc
("Feedback", the "Company" or the "Group")
Disposal of freehold property
On 14 May 2013 the Company announced that it was in of the
process of selling its freehold property at Park Road, Crowborough,
East Sussex TN6 2QR ("Property"). Following that announcement the
Company completed the sale of Feedback Data plc, which was the
Company's last trading business, and became an Investing Company
for the purposes of the AIM Rules. Other than some minor cash
balances the Property is the only remaining asset in the Company.
Consequently, the Disposal constitutes a fundamental change of
business under Rule 15 of the AIM Rules and is therefore
conditional on the approval of Shareholders.
Principal Terms of the Disposal and Use of Proceeds
The Company will be seeking Shareholder approval to dispose of
the Property for a consideration of not less than GBP940,000 in
cash.
In the event that the purchase price agreed with a buyer is
lower than GBP940,000 then the Company will not be able to conclude
the transaction without first seeking the approval of its
Shareholders at a further General Meeting convened for that
purpose.
The proceeds of the Disposal, once concluded will be used to
extinguish all of the Company's outstanding indebtedness, which
amounts to approximately GBP200,000, with the remaining balance
being retained for working capital purposes and used to make
investments in accordance with the Investing Policy, details of
which are set out below.
Reasons for the Disposal
As the Company no longer has a trading business the Company and
its group no longer require the Property. The board are of the view
that rather than retain the Property, greater returns can be
achieved for Shareholders by selling the Property and reinvesting
the proceeds. The Directors also believe that having a larger pool
of capital to invest will broaden the opportunities that are
available to the Company.
Notice of a General Meeting
Today, the Company will be posting to Shareholders a Circular
and Notice of General Meeting calling a general meeting for 9.00
a.m. on 29 July 2013 at the offices of Sanlam Securities UK
Limited, 10 King William Street, London EC4N 7TW.
Nick Shepheard, Executive Chairman, commented:
"I am pleased that we continue to make progress and once the
disposal of the Property is complete the Company can look towards
implementing its Investing Policy and making investments that can
once again maximise shareholder value."
For further information contact:
Feedback plc
Nick Shepheard Tel: 020 3289
7747
Sanlam Securities UK Limited (Nominated Adviser and Broker)
Simon Clements/Lindsay Mair Tel: 020 7628
2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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