Source - RNS
RNS Number : 8076L
Gresham House PLC
05 October 2016
 

 

5 October 2016

 

Gresham House Plc ("Gresham House" or "the Company")

 

(AIM: GHE)

 

Gresham House receive early payment of £0.94 million

               

Gresham House plc, the specialist asset manager, is pleased to announce the early receipt of £0.94 million of deferred proceeds from the sale of the Newton-le-Willows site announced on 23 September 2015.

The purchaser has sold properties at the Newton-le-Willows site quicker than anticipated, triggering the early payment. The first scheduled repayment of £2.08 million due to the Company on 22 March 2017, will reduce to £1.14 million.

The Kleinwort Benson Bank Limited ("Kleinwort Benson") banking facility is secured against the deferred proceeds of the sale of Newton-le-Willows and in line with this agreement, £0.94 million has been repaid to Kleinwort Benson. The Company's borrowing under the facility now stands at £6.06 million.

Anthony Dalwood, CEO of Gresham House said,

"This is good news for the Company and demonstrates that the site at Newton-le-Willows is developing ahead of expectations. These accelerated sales give us confidence as we assess how to best realise value for our remaining land at Newton-le-Willows."

 

Enquiries:

 

Gresham House plc

Anthony (Tony) Dalwood

020 3837 6270

 

 

Liberum Capital Ltd

Neil Elliot

Jill Li

 

020 3100 2000

 

Montfort Communications

Rory King

[email protected]

0203 770 7906

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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