Springfield Properties PLC

M&A Activity • Apr 14, 2014

National Storage Mechanism | Additional information

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RNS Number : 8044E

C A Sperati PLC

14 April 2014

For Immediate Release                                                                                                     14 April 2014

C A Sperati plc

("CAS" or the "Company")

Disposal of Greenwich Property

C A Sperati plc is pleased to announce that further to the disposal of its freehold land and premises at 54 Westcombe Hill, Greenwich, London SE10 0LR ("Greenwich Property") to Knightspur Homes Limited ("Purchaser") which was announced on 26 November 2013 and which completed on 20 January 2014 ("Disposal"), the directors of CAS have agreed with the Purchaser to reduce the deferred element of the consideration, which was payable as to £100,000 on the earlier of ten working days after the Purchaser secures planning permission authorising redevelopment of the Greenwich Property for mixed use purposes and 20 January 2015, to £85,000 in consideration for payment on or before 5 April 2014 ("Agreement").

The Agreement was signed by the Company and the Purchaser on 24 March 2014 and the £85,000 was received by the Company on 10 April 2014.

Jason Drummond, Executive Chairman, commented; "Through the Agreement the Board has secured £85,000 nine months earlier than may have been the case under the original disposal terms.  At a time when the Company is looking to grow both organically and through selective complementary acquisitions this advance payment will help the Company to expedite its strategy".

For further information on CAS please visit the Company's website: www.casperatiplc.com or please contact:

C A Sperati plc
Jason Drummond, Executive Chairman	Tel: 020 8858 7069
Beaumont Cornish Limited (Nomad & Joint Broker)
Roland Cornish	Tel: 0207 628 3396
Emily Staples
Peterhouse Corporate Finance (Joint Broker)
Jon Levinson	Tel: 020 7469 0935
Lucy Williams	Tel: 020 7469 0936

This information is provided by RNS

The company news service from the London Stock Exchange

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