VinaLand to divest stake in Marie Curie project

25th Jul 2014 13:58

AIM-listed investment firm VinaLand plans to divest its 64.5% stake in the company that owns the Marie Curie project due to current market conditions.The group announced in a trading statement today it will rid its entire stake in the project, which was acquired in 2008 for development into a mixed use complex.The sell-off will leave the group with £10.9m. With around 90% of the proceeds received, the transaction is expected to be completed in August 2014.Managing Director said: "The closure of this transaction is consistent with the company's strategy agreed at the EGM in November 2012 where shareholders supported a new three-year term which included a revised strategy focused on the realisation of assets. "The proceeds will be deployed to cover the continuation of the share buyback programme and operating costs."As of 14:6 the share price had risen 0.22% to 0.54p.WS