SCO Scotty Grp

TIDMSCO

RNS Number : 2901Y

Scotty Group SE

28 February 2012

28 February 2012

SCOTTY Group SE

("SCOTTY" or the "Group")

Surrender of lease

SCOTTY, the video telecommunications equipment and technology group with a focus on the government, defence and aviation markets, is pleased to announce that a conclusion to the discussions relating to its leasehold premises in Bristol has been reached.

On 29 June 2011, the Group announced that its sub-tenants had served notice to terminate their sub-lease in March 2012 and that discussions were ongoing with the various parties involved with a view to achieving a positive outcome.

SCOTTY can now report that the Group has completed an agreement with the freehold owners of the property, whereby the Group has surrendered its head-lease in consideration of the payment of a premium of GBP150,000, which was duly paid on completion. Under the agreement, the Group is released from any further obligations under the lease, which had an unexpired term of approximately ten years ending in March 2022.

SCOTTY's Chairman Dr Ernst Wustinger commented: "We are delighted to have reached this agreement, which enables us to move ahead and concentrate on our core business, without the uncertainties relating to historical leasehold obligations that would have lasted until 2022".

Enquiries:

 
 SCOTTY Group SE 
  Kurt Kerschat, CEO                    +43 316 409 426 
 Nominated Adviser 
  Cairn Financial Advisers LLP 
  Tony Rawlinson / Avi Robinson         +44 20 7148 7900 
 Broker 
  Northland Capital Partners Limited 
  Katie Shelton                         +44 20 7796 8800 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSELFDAFESEIE

Grafico Azioni Scotty Group (LSE:SCO)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Scotty Group (LSE:SCO)
Storico
Da Giu 2023 a Giu 2024