25 March 2021
Caledonian Trust plc
("Caledonian Trust" or the "Company")
Update on proposed sale of Ardpatrick Estate
Caledonian Trust, the Edinburgh-based property investment holding and development company, announced on 16 December 2020 that it had entered into an agreement to sell Ardpatrick Estate, the Company's largest rural development property, for a cash consideration of £2.7 million (exclusive of VAT) to two private individuals (the "Proposed Disposal").
Under the terms of the missives entered into on 15 December 2020 there is no conditionality to completion of the Proposed Disposal other than standard contractual terms as expected on a residential property sale. It had been anticipated that the completion of the Proposed Disposal would take place on 24 March 2021. However, to facilitate the practicalities of the completion of the Proposed Disposal both parties have agreed to extend the completion date to 23 April 2021.
The consideration will be payable in cash to Caledonian Trust upon completion. As previously announced a deposit of £270,000 in cash has been lodged with Caledonian Trust's solicitors. The Company intends to use the net proceeds from the Proposed Disposal to provide funding for the Company's existing property development programme, repay certain existing debt and provide general working capital.
Ardpatrick Estate occupies a peninsula in Knapdale, Argyll, in Scotland looking towards Islay and Jura, on the north-west side of West Loch Tarbert. In addition to Ardpatrick House (1769 before extensions) the property extends over 1,000 acres with circa 10km of coastline, commands striking views and includes a grassland farm, moorland and rough grazing, an ancient oak forest, a commercial forest, a private beach, a named island, sporting rights and moorings.
Further details on Ardpatrick Estate and the Proposed Disposal can be found in the Company's announcement released on 16 December 2020.
The Company will release further announcements on the Proposed Disposal at the appropriate time.
Enquiries:
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| Caledonian Trust plc |
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| Douglas Lowe, Chairman and Chief Executive Officer | Tel: 0131 220 0416 |
| Mike Baynham, Finance Director | Tel: 0131 220 0416 |
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| Allenby Capital Limited (Nominated Adviser and Broker) |
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| Nick Athanas Alex Brearley | Tel: 0203 328 5656 |
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