MJ Gleeson Sells Powerminster Unit For GBP6.6M

30th Jun 2010 16:13

LONDON (Dow Jones)--MJ Gleeson (GLE.LN), an urban regeneration and strategic land specialist, announced Wednesday the disposal of Powerminster to Morgan Sindall Group Plc (MGNS.LN), a U.K. construction and regeneration group, for a cash consideration of GBP6.6 million. MAIN FACTS: -Powerminster provides planned and responsive repairs and maintenance services, largely for social housing bodies (RSLs and Housing Associations) and local authorities through contracts and long term PFI agreements. -The sale proceeds will increase Gleeson's existing cash reserves. -Gleeson also announced Wednesday that Chris Holt, Group Chief Executive, will retire from the Board with effect from Sep. 30. -Alan Martin, 44, will continue as Group Finance Director, but will also take up, with effect from October 1, the role of Chief Operating Officer with responsibility for Human Resources, the company Secretariat, Internal Audit and IT. -Shares at 1510 GMT stood at 113 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 30, 2010 11:13 ET (15:13 GMT)