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MyTravel sells Oasis Lakes

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MyTravel sells Oasis Lakes

Old 30th Jul 2003, 17:43
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Post MyTravel sells Oasis Lakes

Just found this info on HSBC Business Banking:

MyTravel sells Oasis Lakes resort in Florida for initial 12.7 mln stg
LONDON (AFX) - MyTravel Group PLC said it signed a contract for the sale of the Oasis Lakes vacation ownership resort and associated development land on International Drive, Orlando in Florida to BlueGreen Corp for an initial sum of 12.7 mln stg.
The sale is conditional on governmental planning approval.

A further consideration of up to 0.9 mln stg is payable upon resolution of further local government planning matters and an additional sum of up to 1.5 mln will become payable if BlueGreen constructs units in excess of the number currently anticipated.

Oasis Lakes had a book value of 12.1 mln stg at March 31 this year and made a loss of 2 mln in 2002.

MyTravel will use the proceeds from the sale to reduce debt.

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