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STENPROP LIMITED -TERMS OF THE DISPOSAL OF OFFICE BUILDING LOCATED IN PILGRIM STREET
Hamilton, Bermuda: December 7, 2017 – In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announced terms of the disposal of an office building located in Pilgrim Street London. The full filing stated:
FINALISATION OF THE TERMS OF THE DISPOSAL OF OFFICE BUILDING LOCATED IN PILGRIM STREET, LONDON AND FULFILMENT OF CONDITION PRECEDENT
Shareholders are referred to the announcement dated 21 November 2017 detailing the terms of the agreement reached by Stenprop to dispose of its office building located in Pilgrim Street, London (“the Property”) via a sale of all the shares of Normanton Properties Limited (“Normanton”), the special purpose vehicle which owns the Property, conditional on the purchaser securing funding for the acquisition.
In order to facilitate fulfilment of the financing condition referred to above, Stenprop has agreed to reduce the purchase consideration by £1 million. The revised purchase consideration values the property at £79.9 million, which represents a 2.4% premium to the independent valuation of £78 million attributable to the Property in Stenprop’s consolidated statement of financial position at 30 September 2017, and will release cash proceeds of £42.1 million (after sales costs and repayment of external debt).
The remainder of the terms of disposal contained in the previous announcement are unchanged. The agreement is now unconditional and completion is expected to be on 20 December 2017, but in any event, no later than 12 January 2018.
Completion of such a significant transaction, at above book value, is a very positive and substantial step toward the fulfilment of the Stenprop’s strategy of becoming a specialist, focused UK multi-let industrial company.
Stenprop has a primary listing on the Main Board of the JSE and a secondary listing on the BSX.
7 December 2017
JSE sponsor
Java Capital
Bermuda Stock Exchange sponsor
Estera Securities (Bermuda) Limited