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Statement re Sale of Sportsground

Released    

07:00 21-Dec-07

Number

PRNUK-2012

Sale of Sportsground announcement                      

Densitron Technologies plc ('the Company'), a world leading designer and manufacturer of electronic displays, is delighted to announce that it has sold 4.25 acres of land at Blackheath, which has a NBV of approximately £175,000, to Greenwich Borough Council for a cash consideration of £1,223,985 generating a profit of approximately £850,000.

The proceeds of the sale will be used to repay the mortgage on the land of £89,000 and, together with the proceeds from the exercise by Förvaltnings AB Bronsstädet ('Bronsstädet') of 5,000,000 warrants at 5p per share, repay £1,150,000 of the loan outstanding from Bronsstädet. Bronsstädet is a company owned by Peter Gyllenhammar.  Repayment of this debt will save the Company £78,000 over the next 6 months. Bronsstädet will release the charge it has over the investment the Company has in Evervision Electronics Limited.

The Directors, having consulted with Blue Oar Securities Plc, consider the partial repayment of the loan to Bronsstädet to be fair and reasonable insofar as its shareholders are concerned.

Following the exercise of the warrants Bronsstädet will own approximately 29.8 per cent. of the enlarged issue share capital of the Company.

The Company has retained a strip of land adjacent to Blackheath Park Road of approximately 1.45 acres and will seek planning permission for residential development. If planning permission is granted then there will be a significant increase in the value of the strip of land.

Ralph Baber, Interim Chairman, commented:
'Following a number of years of discussions and negotiations we are pleased to have brought this matter to a successful conclusion. Whilst we have retained a strip a land and will seek to obtain planning permission for residential development I should caution shareholders that the strip of land remains the subject of a Metropolitan Land Order and will need to be redesignated before any permissions are granted.'

Enquiries:

Tim Pearson, Group Finance Director                   
Densitron Technologies plc          Tel:  0207 648 4200

John Wakefield / Simon Moynagh                        
Blue Oar Securities Plc                Tel:  0117 933 0020

End


 


 

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