Interim Management Statement (3308G)
11 Mai 2011 - 8:00AM
UK Regulatory
TIDMHCFT
RNS Number : 3308G
Highcroft Investments PLC
11 May 2011
11 May 2011
Highcroft Investments PLC - Interim Management Statement in
respect of the period 1 January 2011 to 10 May 2011
The board of Highcroft Investments PLC today approved the
following statement in respect of the current trading period which
will end on 30 June 2011.
Commercial Property
In our Annual Report, dated March 23rd 2011, we commented that
since the year end we had agreed a lease on our formerly vacant
property in Yeovil. Refurbishment works required under the
Agreement for Lease are well in hand and the new tenant should take
possession at the beginning of Q3. Consequently, the only void in
our commercial property portfolio is the ground floor unit at
Willow House, Victoria, whilst arrears remain at very modest levels
and we have incurred no new bad debts.
Schemes intended to enhance the values of Willow House and our
properties on the High Street, Oxford are currently being
considered.
We are actively engaged with our advisers in assessing several
potential commercial property acquisitions which fit our portfolio
criteria, one of which is under offer. We are hopeful that the
continued subdued conditions in the property market will create
attractive purchasing opportunities.
Residential Property
We also noted in the Annual Report that, since the year end, we
had completed the sale of two residential properties. We can now
report that we are in advanced negotiations for the sale of a
further residential unit and, additionally, that one of our
apartments in Newcastle House, Marylebone, has become vacant and
will be brought to the market in the coming months.
The total gross proceeds from these completed and potential
sales, along with premia received on residential lease extensions,
are anticipated to be approximately GBP2.0m
Equity Investments
Our equity portfolio has provided a higher level of dividend
receipts so far this year compared to the same period in 2010.
Generally, however, we think growth in the economy will continue to
disappoint, especially as quantitative easing, which ends in June,
has created bubble conditions in some markets, so we are
maintaining a cautious investment stance.
Financial position
As at 10th May, our cash balances stand at GBP3.3m and our
equity portfolio at GBP5.9m. There are no borrowings.
For further information, contact:
Highcroft Investments PLC
John Hewitt/Roberta Miles 01865 840023
Charles Stanley Securities
Dugald Carlean / Karri Vuori 0207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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