The decision to sell the Group’s investment in Fife was triggered by the same co-shareholder selling their interest in the Fife project as that in the Colchester Garrison project, announced in February 2015. As with Colchester, this disposal was undertaken by way of a competitive tender process, providing a benchmark value for the Company’s interest in Fife which the Board considered to be significantly ahead of the value that could be achieved by retaining the project. The Board continues to consider and evaluate potential disposals which are in the best interests of shareholders.
The profit on disposal, after costs, is £0.6m over the Directors’ valuation of £6.7m as at 30 September 2014. As a result of recent investment activity funded from the Group’s revolving debt facility, and net of disposal proceeds from the present transaction, the Group has a current funding requirement of approximately £8m.