Services office operator Stonemartin has conditionally agreed to sell its operating business to rival Regus Group for a price of up to £1.5m.
Stonemartin Corporate Centres is the company’s sole operating subsidiary and the deal, which will be paid is cash, is subject to adjustment to reflect ‘any net cash/debt and working capital in SCC at 30 November 2008’.
Any deal is conditional on shareholder approval.
A shareholder meeting will be held on 22nd December to discuss the proposal. If the deal goes ahead Stonemartin, which is AIM-listed, will be wound up and will cease to trade on AIM.
It said: ‘Following completion of the disposal and the delisting from AIM becoming effective, the board intends to return cash to shareholders as expeditiously as possible, probably by means of a solvent winding-up of the company.’
Stonemartin Corporate Centres made a profit before tax of £448,000 this year. Regus is a well-known serviced office operator and is headed by Mark Dixon.
In October it said it was in exclusive talks with one party to buy its main trading subsidiary.
The decision to sell the trading arm followed the board’s review of the strategic options available to the company.
The future of serviced office provider Stonemartin has hung in the balance for some time after it appointed Jones Lang LaSalle to raise third party finance last August. Its management agreements were also terminated on three of its four buildings
