Aukett Swanke Group - Property Disposal
Released
Released
Announcement PDF
RNS Number : 4877T
Aukett Swanke Group PLC
24 June 2024
24 June 2024
Aukett Swanke Group Plc
("Aukett Swanke", the "Company," "ASG", or, together with its subsidiaries, the "Group")
Property Disposal
Aukett Swanke (AIM: AUK), the Architecture and Smart Buildings Group, is pleased to provide the following
update.
The Group's subsidiary Torpedo Factory Group Limited ("TFG") has exchanged contracts, conditional upon a
satisfactory valuation, for the sale of The Old Torpedo Factory (the "Property") in west London at a price of £2.5
million plus VAT, with the buyer having paid a 10% refundable deposit. Exchange is expected to become
unconditional by 5 July 2024. Under the terms of the contract completion is due to occur in September 2024.
Subject to completion, the net proceeds will be used to repay the mortgage that is due to expire in February 2025,
to redeem a portion of TFG's CBILS-backed loan, and to provide funds for general working capital.
The Property was most recently valued in the Group's accounts at £3.08 million less a provision for deferred tax.
The sale will therefore result in an accounting loss, which will be treated as an adjusting post balance sheet event
in the Group's interim results for the six months to 31 March 2024, which are expected to be announced on 28
June 2024.
Nick Clark, Chief Executive of Aukett Swanke, commented:
"Given the growth opportunities in front of us and the ongoing financing and operating costs of retaining an underused
building, we are pleased to have exchanged on the sale of the Property, albeit at a lower than originally hoped-for price.
Management continues its focus on improving performance and on developing our smart buildings activities and I look
forward to providing further updates."
Contacts
Aukett Swanke Group Plc
3000
Clive Carver, Chairman
Nick Clark, Chief Executive
+44 (0) 20 7843
Strand Hanson Limited, Financial and Nominated Adviser
3494
Richard Johnson, James Bellman
+44 (0) 20 7409
Zeus Capital Limited, Broker
5000
Simon Johnson, Louisa Waddell
+44 (0) 20 3829
Investor/Media
687
Chris Steele
+ 44 (0) 7979 604
About Aukett Swanke Group plc
Aukett Swanke Group has a strong foundation in architectural services and is on a transformative journey to
become a London-listed provider of Smart Buildings and related services. ASG are uniquely positioned to ensure
the technical systems that run modern premises are designed as an integral part of the structure, from the outset.
For more information go to https://www.aukettswankeplc.com
The information contained within this announcement is deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit)
Regulations 2019.
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