Crest Nicholson Holdings PLC Disposal (6072Y)
14 Mayo 2021 - 1:00AM
UK Regulatory
TIDMCRST
RNS Number : 6072Y
Crest Nicholson Holdings PLC
14 May 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018.
Crest Nicholson Holdings plc
(the "Company", the "Group" or "Crest Nicholson")
COMMERCIAL ASSET DISPOSAL
Crest Nicholson Holdings plc today announces it has entered into
an agreement to sell the Group's 50% equitable interest in
Longcross Studio, a film studio situated on the northern side of
Longcross Garden Village and a parcel of associated land on the
southern side of the site, to Longcross General Partner Ltd, an
Aviva Investors company ('Aviva'). Aviva are the Group's existing
joint venture partner for this scheme. The transaction is expected
to complete late Summer 2021 subject to satisfying contractual
conditions. This transaction supports one of the Group's five
strategic priorities which is to utilise and maximise the value of
its land portfolio.
We expect our proceeds from this transaction to deliver a
one-off contribution in excess of GBP10m to Adjusted Profit Before
Tax for FY21 and the receipt of approximately GBP45m cash
consideration by the end of the financial year.
The Group continues to hold a 50% equitable interest in the
remaining 195 acres of Longcross Garden Village in a joint venture
with Aviva. This prime site, located in Surrey, is expected to
deliver up to 1,700 homes. The scheme is allocated for residential
and ancillary development in the adopted Runnymede Borough Council
Local Plan. It is intended that Crest Nicholson will develop and
complete its share of this site in the future.
Investing for future growth
Significant progress was made in strengthening the Group's
balance sheet last year, closing FY20 with GBP142.2m of net cash.
Through a combination of improved working capital management,
disciplined capital allocation and the delivery of cost
efficiencies we were able to announce the reinstatement of the
dividend on a two and a half times cover basis, effective from
HY21.
In addition, the Board have developed ambitious plans to grow
the business over the medium term and the GBP45m cash inflow
arising from this transaction will allow the Group to accelerate
its existing strategy and support these future growth
intentions.
The Group will be announcing its half year results for the six
months ending 30 April 2021 on Thursday 24 June 2021.
For further information please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Tulchan Communications
James Macey White/Giles Kernick +44 (0) 20 7353 4200
The person responsible for arranging the release of this
announcement on behalf of the Company is Kevin Maguire, General
Counsel and Company Secretary.
14 May 2021
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END
DISGPURPAUPGPUW
(END) Dow Jones Newswires
May 14, 2021 02:00 ET (06:00 GMT)
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