2 March 2022
NEWBURY RACECOURSE PLC
(“Newbury Racecourse” or the “Company”)
David Wilson Homes development agreement - final payment received
Newbury Racecourse announces that yesterday it has received £10.7m from David Wilson Homes. This is the final contractual payment due to the Company in relation to the purchasing of land for the redevelopment of the racecourse.
The original agreement with David Wilson Homes was announced on 19 September 2012 and included: the construction of approximately 1,500 residential units; the upgrading of the racecourse and parking facilities; the construction of a hotel, the construction of a new children’s nursery; and the improvement of roads and an access bridge. Whilst some of the residential units are still to be constructed, yesterday marked the final payment under David Wilson Homes’ minimum land value commitment (as set out in the joint venture development agreement between the Company and David Wilson Homes). Further details of the joint venture development agreement can be found in the Company’ announcement of 19 September 2012.
A substantial amount of these funds will now be used to pay down the Company’s NatWest bank loan and settle the final repayment of the Compton Beauchamp Estates loan (which has been deferred from 5 November 2020).
As stated in the 29 October 2012 rights issue circular, the board of Newbury Racecourse remains committed to making a capital return to shareholders and a further announcement on this will be made as part of the 2021 preliminary results, which are expected to announced in May 2022.
For further information please contact:
Newbury Racecourse plc Tel: 01635 40015
Julian Thick, Chief Executive
Harriet Collins, Marcomms & Sponsorship Director
Allenby Capital Limited (AQSE Corporate adviser) Tel: 0203 328 5656
Nick Naylor/Liz Kirchner (Corporate Finance)
Hudson Sandler Tel: 0207 796 4133