CAE Charteris

TIDMCAE

RNS Number : 7565J

Charteris PLC

05 July 2011

5 JULY 2011

Charteris plc ("Charteris" or "the Company")

Property Asset Disposal

Charteris plc, the business and IT consultancy, announces that it has exchanged contracts for the sale of Charteris House, the Company's head office, to a third party purchaser for gross cash consideration of GBP2.575 million. Completion is set for 29 July 2011, following which Charteris will continue to lease the property at a notional rent until 1 December 2011. The Company will thereafter relocate its head office to more suitable rented premises.

The net proceeds of the sale will be used by the Company to repay its outstanding loan (GBP1.85 million) from NatWest Bank plc in full and to strengthen cash balances. It is expected that the effect on profit and operational cash-flow will be broadly neutral, with future rental payments expected to be in line with current interest charges on the loan.

This property sale is part of the Company's strategy, outlined with the interim results for the six months period ended 31 January 2011 and announced on 7 April 2011, which is aimed at reinforcing its financial and trading position.

 
 Press enquiries: 
 Charteris plc                         Tel: 020 7600 9199 
  Allan Barr, Chief Executive 
  Patrick Carter, Finance Director 
 Oriel Securities Limited (Nominated   Tel: 020 7710 7600 
  Adviser) 
  Michael Shaw 
  Emma Griffin 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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