Sale of Dock Road North Site

Park, the Birkenhead based voucher and prepaid gift card provider, announces the unconditional sale of its Dock Road North site to a major housebuilder for a cash consideration of £1.815 million.  The property had a conditional sale agreement in place as described in note 16 to the group's financial statements for the year ended 31 March 2010 when the site was valued at £0.725 million.

The consideration will be paid to Park as the houses to be built on the site are sold with the total consideration to be paid by 5 September 2014.  Monthly interest is payable to Park on the outstanding consideration in the period up to 5 September 2014 at 5.5 per cent above the Royal Bank of Scotland base lending rate.