Northacre PLC Receipt of £10m Dividend & £1.2m Consortium Relief (9328R)
November 23 2012 - 11:23AM
UK Regulatory
TIDMNTA
RNS Number : 9328R
Northacre PLC
23 November 2012
23(rd) November 2012
Northacre PLC ("Northacre")
Receipt of GBP10m Dividend and
Receipt of GBP1.2m Consortium Relief
Receipt of Dividend
Northacre announces that it has received an interim dividend and
consortium relief payment from Lancaster Gate (Hyde Park) Ltd, our
joint venture with Minerva. The sums received were GBP10,000,000 in
dividend and GBP1,199,457 in consortium relief. The receipt of the
dividend represents the fourth interim dividend from the project,
with the total received to date now GBP27,707,059. The proceeds of
the dividend and consortium relief will be used to repay remaining
debt of GBP1.76m (including interest) to Auster Real Estate
Opportunities S.a.r.l. and other outstanding obligations of the
business. After repayment of this debt and paying GBP1.9m in
respect of the loan and profit share due to Northacre's pension
fund, the net cash position of the Group will be cGBP10m.
As we noted at the year-end, the Board considers the payment of
a dividend to Shareholders a priority, just as soon as sufficient
profits are received from The Lancasters Development. In
anticipation of this, we are required to re-organise our reserves
and the Board intends to issue a Circular to Shareholders in order
that this can be put to a General Meeting in due course. Any
distribution would follow after sufficient further dividends are
received from The Lancasters, which we anticipate would be during
the first half of 2013.
Enquiries:
Northacre PLC
Ken MacRae (Chief Executive Officer & Finance Director)
Klas Nilsson (Chairman)
Tel: (020) 7349 8000
Hudson Sandler Ltd
Michael Sandler
(020) 7796 4133
Peel Hunt LLP (Nominated Adviser and Broker)
Capel Irwin
Harry Florry
Tel: (020) 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
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