Disposal
23 Diciembre 2003 - 5:37AM
UK Regulatory
RNS Number:6005T
PPL Therapeutics PLC
23 December 2003
Date: Immediate release, Tuesday 23 December 2003
Contact: Chris Greig, Chairman
Lindsay Dunsmuir, Chief Financial Officer
PPL Therapeutics plc
Telephone: 0131 440 4777
Alistair Mackinnon-Musson
Philip Dennis
Hudson Sandler
Telephone: 020 7796 4133
Email: ppl@hspr.co.uk
PPL Therapeutics plc ("PPL")
Disposal of the Roslin Building
PPL announces that it has, today, entered into a conditional agreement to sell
its UK office and laboratory building at Roslin together with the related ground
lease and certain items of laboratory equipment (the "Roslin Building"). The
gross proceeds receivable by PPL in respect of this disposal are #1.24 million.
The Roslin Building, which has been operated by PPL as its head office and
laboratory facility in the UK, has been sold to the Biotechnology and Biological
Sciences Research Council ("BBSRC") for a cash consideration of #1.24 million.
The consideration is payable on 30 January 2004, the date of completion of the
sale. The net book value of the Roslin Building as at 30 June 2003 was #0.75
million. The sale of the Roslin Building will give rise to an estimated gain on
disposal of #0.49 million before disposal costs. The BBSRC has granted PPL a
short-term lease to enable the Company to continue to occupy part of the
building following completion of the transaction.
The sale of the Roslin Building is conditional only upon there being no
destruction or material damage to the building between today's date and the date
of completion of the sale.
The establishment costs attributable to the Roslin Building were #0.22 million
in the six months ended 30 June 2003 (#0.39 million in the year ended 31
December 2002).
The proceeds receivable of #1.24 million less selling expenses from the disposal
will be used to supplement PPL's existing cash resources with a view to
maximising short-term value for shareholders. In anticipation of this disposal,
PPL has taken the opportunity to repay its term loan facility of #2.0 million
from the Royal Bank of Scotland in order to eliminate the interest costs
associated with this facility.
As announced on 11 November 2003, PPL has held discussions with a large number
of parties with potential interest in acquiring the business or in purchasing
assets owned by PPL. Discussions concerning the potential sale of the Company
continue with a limited number of parties.
The Board continues to believe that a programme of asset disposals can be
successfully pursued in parallel with discussions for the sale of the business
and, accordingly, PPL is continuing to market its remaining assets for sale and
is in discussion with interested parties for packages of assets.
PPL will continue to provide further updates to shareholders at the appropriate
time.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
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