MJ GLEESON PLC

Legal Proceedings Report • Mar 5, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 6679G

MJ Gleeson PLC

05 March 2015

5 March 2015

MJ GLEESON PLC

Announcement regarding GB Group Holdings Limited

MJ Gleeson (GLE.L) (the "Group"), the urban regeneration and strategic land specialist, has been notified that GB Group Holdings Limited ("GBGH"), in which the Group has a 25% shareholding, has given notice that it intends to appoint Administrators.  Consequently, the Group's £4.9m investment in GBGH is now considered to be at risk.  The Group's investment in GBGH was made in 2005 in order to facilitate a management buyout of the Group's building contracting division.  Any subsequent write down will be recorded as an exceptional, non-cash, item in the Group's results for the current year ending 30 June 2015.

Current trading remains strong with the Board remaining confident of delivering an underlying result for the year in line with current market expectations.

Enquiries:

MJ Gleeson PLC		Tel: +44 1252 360 300
Jolyon Harrison	Chief Executive Officer
Alan Martin	Chief Financial Officer
Instinctif Partners		Tel: +44 20 7457 2020
Helen Tarbet
James Gray
N+1 Singer
Shaun Dobson		Tel: +44 20 7496 3000
Emily Watts Ben Griffiths

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPKPDDBBKDKNK