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Pinewood Technologies PLC M&A Activity 2015
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M&A Activity
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PENDRAGON PLC - Realisation of Investment
PR Newswire
London, January 28
REALISATION OF INVESTMENT IN KING ARTHUR HOLDINGS SarL28 JANUARY 2015Pendragon is pleased to announce that King Arthur Holdings SarL, a company inwhich the group has a 5% investment, has today completed the sale of its onlysubsidiary, King Arthur Properties SarL. Subject to completion accounts,Pendragon expects to receive in the region of £24m in respect of its original £10m investment, resulting in an estimated non-underlying profit of £14m. Theinvestment had been returning an underlying dividend income of £1.1 per annum.The proceeds will be applied to the reduction of debt.King Arthur Properties SarL was the landlord in respect of 73 propertiesoperated by Pendragon as car dealerships, together with our head office. KingArthur Properties Sarl has been acquired by W. P. Carey Inc.Commenting on the transaction, Trevor Finn, Chief Executive, said:"I am delighted to announce this successful property transaction for thebenefit of our shareholders. It is reassuring to have, in W. P. Carey, along-term investor for a portfolio of our dealerships in the UK and we lookforward to working together with them."EnquiriesTrevor Finn Chief Executive Pendragon PLC 01623 725114Tim Holden Finance Director Pendragon PLC 01623 725114Gordon Simpson Partner RLM Finsbury 0207 2513801Philip Walters Associate Partner RLM Finsbury 0207 2513801
