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Archive
2002-08-20 RTK-001
Railtrack Group plc
Disposal of Railtrack (Spacia) Limited
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Press release
Railtrack Group plc
Disposal of Railtrack (Spacia) Limited
Railtrack Group has sold Railtrack (Spacia) Limited, which has long term leases
over approximately 130 railway arches, to Railtrack PLC, which already owns the
majority of the commercial properties managed under the "Spacia" brand, for
approximately £17 million in cash. Railtrack Group has retained certain
property interests which were previously held through Railtrack (Spacia)
Limited.
The Board of Railtrack Group intends that the proceeds of the disposal will be
returned to shareholders as part of the solvent voluntary liquidation of
Railtrack Group as soon as reasonably practicable after the proposed disposals
of Railtrack PLC and the Group's interests in the Channel Tunnel Rail Link have
been completed.
The net book value of the properties which are being sold within Railtrack
(Spacia) Limited as at 31 March 2002 was approximately £16.5 million. The net
book value of the properties which are being retained by Railtrack Group as at
31 March 2002 was approximately £5.5 million.
Commenting on the disposal, David Harding, Chief Executive of Railtrack Group,
said:
"Following the sale of the Group's interests in the Broadgate Development, the
Board is pleased to announce the sale of Railtrack (Spacia) Limited and believes
that the Group is on track to be able to return between 245 and 255 pence per
share (subject to the qualifications set out in the circular to shareholders
dated 27 June 2002)."
- ends -
Enquiries
Railtrack Group: 020 7544 8436
Sue Clark
Director of Corporate Affairs
Helen Gordon
Managing Director of Railtrack Developments Limited
Lehman Brothers: 020 7601 0011
John McIntyre
Anthony Odgers
Henry Phillips
Lehman Brothers Europe Limited, which is regulated in the UK by the Financial
Services Authority, is acting for Railtrack Group PLC and no one else in
connection with the matters described in this press release and will not be
responsible to anyone else for providing the protections afforded to the clients
of Lehman Brothers Europe Limited nor for providing advice in relation to such
matters.
All recent press releases can be found on the Railtrack web site
www.railtrack.co.uk
Railnews Archive ::: 2002-08-20 RTK-001
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