Share Price.com
Market Update Economic Events Directors Deals Commodities Prices News Market Movers

CLS to sell stake in First Camp for £28.7m; sees performance at higher end of expectations

Monday, 21st January 2019
CLS on Monday forecast full-year net assets would be at the higher end of market expectations despite the sale of its stake in First Camp to Nordic Camping expected to weigh down performance.

CLS exchanged contracts to sell its 58.02% stake in First Camp to Nordic Camping for £28.7m.

The transaction would need to be cleared by the Swedish Competition Authority, which was expected before the date of completion on 1 February 2019.

In a separate transaction, First Camp also sold its shareholding in Cood for a nominal amount to the existing shareholders of First Camp in proportion to their existing holdings.

The disposal of First Camp, together with the Cood Transaction was expected to result reduce CLS's net assets by £9.9m, resulting in a fall in earnings -- stated as EPRA net asset value per share -- of about 2p a share.

But the company said it expected to deliver EPRA NAV at 31 December 2018 at the higher end of market expectations.

'I am delighted that we have been able to turn around First Camp into a profitable business prior to sale. First Camp is an owner and operator of vacation sites in Sweden, and its disposal is in line with the Group's strategy of focusing on our core business of long-term ownership of office properties in the UK, Germany and France,' said Fredrik Widlund, Chief Executive Officer of CLS.




Story provided by StockMarketWire.com

Related Shares: Cls Hdgs

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News



SharePrice.com will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is, free of charge. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. UK data supplied by NBTrader and Digital Look. Share Prices are at least 15 minutes delayed.