DJ Ace Liberty & Stone PLC Statement re property transactions
RNS Number : 2744S
Ace Liberty & Stone PLC
29 September 2017
29 September 2017
Ace Liberty and Stone Plc
("Ace" or "the Company")
The directors of Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, are delighted to announce a number of significant property transactions.
The Company has completed the purchase of Princess House, Barnstaple at a price of GBP2,325,000. The entire property is let to the Secretary of State for Communities and Local government at an annual rent of GBP190,000.
Ace has also exchanged contracts on the purchase of College Square Margate at a price of GBP8,300,000. The property has a number of retail tenants, notably WM Morrison Supermarkets plc and Iceland Foods Limited. The annual rental income of the property is GBP630,000.
The Company announces the disposal of the residential properties owned by Silverdale Worldwide Limited and Ace (Barnsley) Limited. These properties have been sold individually over a period of eight months. The Silverdale properties in Stoke-on-Trent were purchased in 2007 for GBP2,400,000 by the issue of shares. Eight properties were sold in 2011 and the remaining 24 in 2017. The Barnsley properties were purchased in 2014 for a total of GBP1,450,000 and sold in 2017. In total the properties have been sold for GBP3,248,000, which is their current valuation.
Further transactions are in progress utilising the Company's cash resources and credit facilities with Lloyds Bank plc which will be announced shortly.
The Company has issued 701,755 Ordinary Shares of GBP0.25 each for a price of GBP0.7125 each.
As a result, the total number of voting rights in the Company is therefore 40,073,825.
The total issued share capital is GBP10,018,456.
The above figure of 40,073,825 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
The Directors accept responsibility for this announcement.
- Ends -
For further information, please contact:
Ace Liberty & Stone Plc Ivan Minter, Financial Director Tel: +44 (0) 20 7201 8340 http://acelibertyandstone.com Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser Jon Isaacs / Nick Michaels Tel: +44 (0) 20 7251 3762 www.alfredhenry.com Hybridan LLP, Corporate Broker Claire Noyce Tel: +44 (0)203 764 2341 www.hybridan.com
Notes to Editors
Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead, Barnstaple, and London. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.
For more information on the Company please visit www.acelibertyandstone.com
This information is provided by RNS
The company news service from the London Stock Exchange
(END) Dow Jones Newswires
September 29, 2017 08:09 ET (12:09 GMT)