Anticipated changes to properties' carrying value (5068G)
12 Maggio 2011 - 4:04PM
UK Regulatory
TIDMCGA
RNS Number : 5068G
China Gateway International PLC
12 May 2011
FOR IMMEDIATE RELEASE 12 May 2011
CHINA GATEWAY INTERNATIONAL PLC
("China Gateway", "CGI" or "the Company")
Anticipated changes to the carrying value of properties
The Company is in the process of finalising its audited accounts
for the year ended 30 November 2010, which it expects to publish by
the end of this month.
It is likely that these accounts will include a substantial
write-down in the value of the Manston properties to GBP3.49
million following delays in concluding a Section 106 Agreement and
the inability to conclude seat sales in the absences of full
planning permission. This will be reflected in a substantial charge
to the Profit and Loss Account.
Whilst the Directors believe that the granting of planning
permission on the Dover properties at Western Heights and
Farthingloe would result in an increase in value, as current assets
no increase will be recorded in the accounts, save for the
remaining amounts previously provided to restore these properties
to a carrying value of GBP11.6 million.
The net write-down in properties will place the Company in a
position of negative equity and therefore the Company will be
including an agenda item at the forthcoming Annual General Meeting
(details of which will be announced together with the publication
of results) as required under section 656 of the Companies Act 2006
for the purpose of considering whether any, and if so what, steps
should be taken to deal with the situation.
As previously reported, the Company retains the support of its
bankers.
Full details will be included in the audited accounts when
published.
Contact: Ken Wills, China Gateway International PLC on + 44 (0)
1843 822444
Roland Cornish, Beaumont Cornish Limited on + 44 (0) 20 7628
3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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