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date 27 December 2002 source RT Group PLC type Press release
RT Group PLC (IN MEMBERS VOLUNTARY LIQUIDATION)
Agreement reached to sell RT Group Developments Limited to Hammerson plc.
RT Group today announces the sale of RT Group Developments to Hammerson plc for a total consideration of £63 million.
The contract is due to complete on 28 February 2003.
The sale, which is the final step in the RT Group property disposal programme, was highly competitive attracting over 40 expressions of interest for the unique business with its substantial portfolio of city centre development opportunities.
It is estimated that the portfolio of development opportunities provides access to a substantial potential development programme.
This agreement does not alter the expectation of the Liquidators of RT Group that provided that:
• RT Group's remaining assets are realised as expected; • No further liabilities arise; • Existing liabilities remain within expectation; and • The Company does not become involved in expensive litigation;
they continue to expect to be able to return to shareholders between 252 and 260 pence per share in total, substantially all by the end of 2003.
Commenting on the sale Jamie Smith, Joint Liquidator of RT Group said:
"the disposal of RDL was very competitive and we are delighted that we have been able to secure a result ahead of expectations".
Helen Gordon, Managing Director of RT Group Development Limited said:
"RDL has established itself as a leader in transport related development. The management team and I are delighted that the business has been sold to Hammerson and we remain focussed on ensuring that we continue to deliver for our tenants and our partners."
FOR FURTHER INFORMATION
PLEASE CONTACT:
Sue Clarke: 07850 285471
This information is provided by RNS The company news service from the London Stock Exchange
