CGA China Gateway

 

TIDMCGA 
 
RNS Number : 1991I 
China Gateway International PLC 
05 March 2010 
 

 
 
FOR IMMEDIATE RELEASE 
                                                 5 March 2010 
 
                        CHINA GATEWAY INTERNATIONAL PLC 
                            SALE OF DOVER PROPERTIES 
China Gateway International PLC ("CGI") announces that it has exchanged 
contracts for the disposal of its properties, included as current assets and 
intended for sale, at Western Heights and Farthingloe, Dover, ("the Dover 
Properties") to Dover Gateway Limited for a cash consideration of GBP5 million. 
The proceeds will be used to reduce the company's indebtedness to Israel 
Discount Bank Ltd. 
Dover Gateway Limited (DGL) is owned as to 40% by CGI and 60% by Priory Land 
Limited., which company is providing interest free loan finance to DGL both for 
the initial purchase and for DGL's future expenditure. In effect, therefore, CGI 
will receive 40% of any further uplift in the net value of the Dover Properties 
after repaying the Priory loans. 
The carrying value of the Dover Properties in the financial statements of CGI at 
31 May 2009 was GBP2 million, so that a profit of GBP3 million less subsequent 
costs will be recognised by CGI. Completion of the contract is expected to be 90 
days after exchange. 
 
For further information, please contact: 
China Gateway International PLC 
Ken Wills 
                     +44 (0) 1843 822444 
 
Beaumont Cornish Limited 
Roland Cornish 
              +44 (0) 20 7628 3396 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCUVRWRRSAORAR 
 

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