4 April 2011 – property disposal

Stadium has announced the sale of surplus freehold property at Chingford, North London for cash proceeds of £2.6m before disposal costs.  The property was previously used by the group’s plastics business, which was sold last June.  In the accounts covering the year to 31 December 2010, the property was valued at £2.04m so there will be a useful profit on this.  After utilising £1.04m to reduce the group’s pension obligations the remaining funds will be available to invest in the business.  The shares remain a BUY.