Release date: 12 April 2013
Embargoed until: Immediate release
CLS Holdings plc
("CLS", the "Company" or the "Group")
announces the disposal of its interest in Fielden House, Southwark, SE1
CLS Holdings plc announces that the Group has sold its one-third interest in a joint venture, Fielden House Investment Limited, which owns Fielden House, 28/42 London Bridge Street, SE1, next to the Shard.
Fielden House was purchased in November 2006 by the joint venture as a long-term investment offering the potential for future redevelopment with equity of £2.6 million and a bank loan of £6.375 million. It was valued at 31 December 2012 by the Group's valuers, Lambert Smith Hampton, at £8.3 million, and the simultaneous sale of the entity by each of the three joint venture partners implies a value for the property without planning permission of £13.7 million, representing a 65% premium over the year end valuation. The Group's share of the proceeds represents an uplift of £1.8 million over the year end carrying value.
Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented:
"We are very pleased with the sale of our Fielden House interest to a strategic developer at a price substantially higher than the year end valuation."
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For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Richard Tice, Chief Executive Officer
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Charles Stanley Securities +44 (0)20 7149 6000
Mark Taylor
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons
