Property Disposal (5317H)

TIDMMRX

RNS Number : 5317H

Metalrax Group PLC

31 May 2011

 
For Immediate Release  31 May 2011

Metalrax Group plc

("Metalrax" or the "Group")

Sale of Vacant Property

Metalrax Group plc (AIM: MRX), the niche supplier of specialist engineering and consumer durable products, is pleased to announce that it has completed the sale of its vacant property in Hockley, Birmingham for GBP755,000. The property has been vacant for over 2 years following the relocation of its trading entity Samuel Groves.

The proceeds from this sale will be used to reduce the Group's bank borrowings.

Andrew Richardson, Chief Executive of Metalrax, commented:

"The disposal of vacant properties is a key component of our strategy to reduce Group borrowings. This sale is the third surplus property sale in 2011 and demonstrates our continued commitment to reducing debt."

For further information, please contact:

 
 Metalrax Group PLC 
 Andrew Richardson, Chief Executive    0845 030 3300 
 
 Arden Partners 
 Steve Douglas                         0121 423 8900 
 Jamie Cameron                         0207 614 5925

This information is provided by RNS

The company news service from the London Stock Exchange

END

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