MAE Mallett

TIDMMAE

RNS Number : 4198M

Mallett PLC

23 August 2013

Mallett PLC

Sale of Clapham property

Mallett PLC ("Mallett" or the "Company") is pleased to announce that it has today agreed to sell the freehold property at 49 Clapham High Street, London to Bencameron Limited for GBP2,650,000 payable in cash on completion. The sale agreement is unconditional and is expected to complete by 21 February 2014. The property is currently occupied by a Mallett subsidiary, H J Hatfield & Sons Limited, which specialises in restoring antique furniture and works of art. The expected completion date will give H J Hatfield & Sons Limited time to find suitable new premises to which to relocate.

The net book value of the property at 31 December 2012 was GBP1,987,000. After expenses and taxation, the sale is expected to produce a profit of approximately GBP600,000 at completion.

The Board will consider a return of cash to shareholders following completion of the transaction after taking account of the cash requirements of the Company at that time, including possible investment opportunities intended to enhance shareholder value. A further announcement will be made on this in due course.

For further information please contact:

Giles Hutchinson Smith, Chief Executive 020 7499 7411

Michael Smyth-Osbourne, Finance Director 020 7499 7411

This information is provided by RNS

The company news service from the London Stock Exchange

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