Michelmersh Brick To Sell 300 Acres Surplus Land For GBP1.30M

16th Jun 2010 08:18

LONDON (Dow Jones)--Michelmersh Brick Holdings PLC (MBH.LN), a specialist brick, land development and landfill company, said Wednesday that it has now exchanged contracts for the sale of 300 acres of surplus agricultural land for a total cash consideration of GBP1.30 million, with completion scheduled for June 25. MAIN FACTS: -The land is to be acquired by two trusts, BVS Hardy Settlement 1965 and BVS Hardy Settlement 1985. -The land to be sold forms part of the 330 acres of freehold farming land, woodland and scrub which was valued by Gerald Eve on Nov. 5, 2009, in connection with the acquisition of Freshfield, at a total value of GBP1.03 million. -The price achieved for the first 300 acres represents a surplus of GBP270,000 to the anticipated value attributed to the entire 330 acres. -The cash proceeds will be used to supplement the Company's working capital Shares at 0715 GMT up 1.50 pence, or 4.17%, at 37.50 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; [email protected] (END) Dow Jones Newswires June 16, 2010 03:18 ET (07:18 GMT)