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Announcement regarding GB Group Holdings Limited

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RNS Number : 6679G
MJ Gleeson PLC
05 March 2015
 



 

5 March 2015

 

MJ GLEESON PLC

 

Announcement regarding GB Group Holdings Limited

 

 

MJ Gleeson (GLE.L) (the "Group"), the urban regeneration and strategic land specialist, has been notified that GB Group Holdings Limited ("GBGH"), in which the Group has a 25% shareholding, has given notice that it intends to appoint Administrators.  Consequently, the Group's £4.9m investment in GBGH is now considered to be at risk.  The Group's investment in GBGH was made in 2005 in order to facilitate a management buyout of the Group's building contracting division.  Any subsequent write down will be recorded as an exceptional, non-cash, item in the Group's results for the current year ending 30 June 2015.

 

Current trading remains strong with the Board remaining confident of delivering an underlying result for the year in line with current market expectations.

 

 

Enquiries:

 

MJ Gleeson PLC


Tel: +44 1252 360 300

Jolyon Harrison

Chief Executive Officer


Alan Martin

Chief Financial Officer





Instinctif Partners


Tel: +44 20 7457 2020

Helen Tarbet



James Gray






N+1 Singer



Shaun Dobson


Tel: +44 20 7496 3000

Emily Watts

Ben Griffiths



 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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