AGM Statement
January 13 2004 - 3:00AM
UK Regulatory
RNS Number:1510U
Heart Of Midlothian PLC
13 January 2004
Heart of Midlothian PLC ("Hearts" or "the Company")
Statement at Annual General Meeting
In a presentation to shareholders at last night's annual general meeting in
relation to Hearts' possible relocation to the Scottish Rugby Union's ground at
Murrayfield, Edinburgh, Chris Robinson, chief executive of the Company, made the
following comments:
"The Company has received an indicative offer for the Tynecastle site from a
major residential and commercial property developer at a minimum cash price of
#12.0 million, with the potential for additional consideration depending upon
the detailed planning consent achieved. The Board has to date declined to commit
to this offer on the premise that a wider marketing exercise might realise
additional value for Hearts."
and
"The Board has estimated an immediate potential financial benefit would be #0.8
million in the year ending 31st July 2005, as the result of net expenditure and
interest savings following a disposal of the stadium for net proceeds of #12.0
million.
In addition, the Board believes there is potential to increase net revenues
substantially from the Murrayfield Stadium due to the greater seating capacity
and hospitality facilities available."
In the event that the Board determines to proceed with the relocation to
Murrayfield, the circular to shareholders seeking approval for the proposed move
will include a formal report on the estimated financial benefits accruing to the
Company.
Enquiries:
Chris Robinson 0131 200 7245
This information is provided by RNS
The company news service from the London Stock Exchange
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