Costain Group PLC Disposal of Alcaidesa Holding, S.A.U (4370W)
11 Diciembre 2019 - 1:00AM
UK Regulatory
TIDMCOST
RNS Number : 4370W
Costain Group PLC
11 December 2019
Costain Group PLC
("Costain" or "the Group")
Disposal of Alcaidesa Holding, S.A.U
Costain, the smart infrastructure solutions company, is pleased
to announce that Costain Alcaidesa Limited ("Costain Alcaidesa")
yesterday agreed the sale of Alcaidesa Holding S.A.U to Millenium
Hotels Real Estate I Socimi S.A., a real estate investment fund
based in Spain, for total cash consideration of EUR15.2m (the
"Disposal"). The Disposal, which is to be effected by way of share
sale, is subject to the satisfaction of certain conditions to
completion which are expected to be satisfied shortly. Completion
of the Disposal is therefore expected to take place this week.
Alcaidesa Holding S.A.U and its wholly owned subsidiary,
Alcaidesa Golf S.L.U, own and operate two golf courses, land and a
club house in Cadiz, Spain.
In addition, Costain is also seeking a potential purchaser of
its 624-berth Marina Concession.
The Disposal and the potential disposal of the Marina Concession
is part of Costain's strategy to divest its non-core business
assets in Spain.
The Disposal, combined with the potential sale of the Marina
Concession, will result in an aggregate loss on disposal and fair
value asset impairment of GBP8.9 million. This will be included
within the Group's 2019 financial statements as a one-off non-cash
charge.
Further details of the Disposal are set out in the Notes
below.
Enquiries:
Costain Tel: 01628 842 444
Alex Vaughan, Chief Executive Officer
Tony Bickerstaff, Chief Financial Officer
Carolyn Rich, Investor Relations Director
Sara Lipscombe, Group Communications
Director
MHP Communications Tel: 020 3128 8771
Tim Rowntree, Peter Hewer, Ollie Hoare
Notes
1. Prior to the Disposal, the Group has reorganised the assets
held by its non-core business in Spain by way of an intra-group
reorganisation (the "Reorganisation"). Under the Reorganisation,
Costain Alcaidesa acquired the entire issued share capital of
Alcaidesa Servicios, S.A. from Alcaidesa Holding, S.A.U. Alcaidesa
Servicios S.A. operates a marina in Southern Andalusia, close to
the Gibraltar border.
2. As at 31 December 2018, the Group's carrying value of the
gross assets of Alcaidesa Holding S.A.U and Alcaidesa Golf S.L.U
amounted to EUR23.2 million (EUR20.8 million) and the businesses
recorded a loss before tax of EUR0.6 million (GBP0.5million) for
the 12 months to 31 December 2018.
3. Costain will use the proceeds of the Disposal for general working capital purposes.
4. The loss on the Disposal is GBP4.0 million and the fair value
asset impairment of the Marina Concession is GBP4.9 million (based
on the estimated potential sale value of GBP5.9 million).
This information is provided by RNS, the news service of the
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END
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