UCP Ucp

TIDMUCP

RNS Number : 1454W

Unitech Corporate Parks Plc

04 November 2014

Unitech Corporate Parks plc

("UCP" or the "Company")

Completion of Disposal

The Board of UCP is pleased to announce Completion today of the sale of the entire issued share capital of Candor, the Company's wholly owned subsidiary and holding company for all UCP's property interests.

The consideration received from Brookfield today amounted to GBP188.9 million which reflects the announced sale price of GBP205.9m less an adjustment of GBP15.8 million in relation to certain funds placed with two financial institutions which had not been repaid by Completion and GBP1.2 million in relation to payments made by Candor to or on behalf of UCP prior to Completion.

The Board will be writing to Shareholders in November to outline proposals for an initial cash distribution. This is expected to be effected through the creation of a new class of B Shares, subject to the approval of Shareholders, to provide a choice of receiving the initial cash distribution either as income or capital.

Terms used and not defined in this announcement bear the meaning given to them in the Circular.

For further information please contact:

 
 Westhouse Securities Limited          Tel: +44 (0)20 7601 
                                        6118 
------------------------------------  -------------------- 
 Alastair Moreton 
------------------------------------  -------------------- 
 Darren Vickers 
------------------------------------  -------------------- 
 
 IOMA Fund and Investment Management   Tel: +44 (0)1624 
  Limited                               681250 
------------------------------------  -------------------- 
 Philip Scales 
------------------------------------  -------------------- 
 Graham Smith 
------------------------------------  -------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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