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Artisan (UK)

  • BY: Andrew Hore |
  • POSTED: 24/08/2011 |

Housebuilder and property investor Artisan (UK) has sold a long leasehold building on its Colmworth Business Park at St Neots, Cambridgeshire.

The proceeds will pay off a property loan of £2.25m and provide £1m for working capital. Artisanís banking facilities expired on 1 July but there is no new information about the negotiations of a new facility. The lender has provided a three month extension and has temporarily waived a potential financial covenant.

The overall facility will remain at £25m and the term will be extended to 1 July 2013. There is also an investment property facility of £3.17m. Net debt was £19m at the end of 2010.

At 13.5p a share, up 1.5p, Artisan is valued at £1.8m.

Download the August 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFAugust2011_23.pdf

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