CAE Charteris

TIDMCAE

RNS Number : 8245T

Charteris PLC

13 December 2011

7.00am on 13 December 2011

Charteris P.L.C.

("Charteris" or the "Company")

Disposal of Northleach Property

The Company is pleased to announce that it has agreed, subject to final completion, to dispose of the Company's property in Northleach, Gloucestershire (the 'Property') for a cash consideration of GBP225,000 (the "Disposal"). The purchaser, an unconnected third party, Far Frontiers Expeditions Limited and the Company have now exchanged contracts and therefore the Company will proceed towards completion, expected to be on 22 December 2011.

The Property was acquired by the Company as part of the acquisition of The Mandelbrot Set (International) Limited in 2001 and is currently surplus to the Company's requirements. The Property was carried in the Company's accounts as at 31 July 2011 as 'Non-current assets classified as held for sale' at GBP215,000 and therefore the Company should realise a small accounting profit. There are no borrowings against the Property and therefore the net proceeds of the Disposal will be fully reinvested to fund the ongoing working capital requirements of the Company.

For further information on the Company visit www.charteris.com or contact:

 
 
  Press enquiries: 
 Charteris plc 
  Allan Barr, Chief Executive               Tel: 020 7600 9199 
  Patrick Carter, Finance Director 
 Beaumont Cornish (Nominated Adviser and 
  Broker)                                   Tel: 020 7628 3396 
  Roland Cornish and James Biddle 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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