MCKS.L Regulatory News (MCKS)

26 Jun 2006 15:30

McKay Securities PLC26 June 2006 PRESS RELEASE McKay Completes the Sale of Housing Site at Chobham McKay Securities PLC is pleased to announce that it has completed the sale of10.5 acres of residential development land, with detailed planning consent for54 residential units, to Hodson Developments Ltd for £9.75 million. After acquiring the site and developing a 50,000 sq ft distribution depot in the1970's, McKay generated a significant uplift in value on obtaining planningconsent for residential use last year, after overcoming a complex and protractedplanning process, partly due to the site's greenbelt status. Net sale proceeds are marginally in excess of book value at 31st March 2006, butsubstantially in excess of the historical cost of £670,000. Contact: Simon Perkins - Managing DirectorMcKay Securities PLC0118 950 2333 26th June 2006 This information is provided by RNS The company news service from the London Stock Exchange