29 August 2018
Etaireia Investments PLC
("Etaireia" or the "Company")
Sale of Property
Etaireia announces the completion on 28th August 2018 of the sale of the property located at 89 Dalrymple Street, Girvan, KA26 9BS for a consideration of £47,000 + £1,000 contribution towards the Company’s legal expenses, paid on completion.
The property was acquired on 31st March 2017 by the issue of 25,000,000 new ordinary shares of 0.01p each, at a price of 0.1p per new ordinary share and £35,000 cash consideration. The cash consideration was deferred for 12 months, and has not been paid to date.
This property has been held in the books at a valuation of £60,000, and its sale will result in a write-down in the accounts of £12,000 at the year end.
The Directors have decided to sell the business as the lease was signed with a tenant was breached and they did not adhere to the terms of that contract. As a result the executive board deemed that, as this small property was not core to the future aspirations of the Company, it was cost effective to dispose of this asset.
Enquiries:
Etaireia Investments Plc
Greg Collier
Tel: 07830 182 501
NEX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com 49 Queen Victoria Street, London EC4N 4SA