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Aukett Swanke Sells Stake in John R Harris and Partners.

Document Cited in Related
Vincent

MANews-(C)2009-2022

UK-based architectural services company Aukett Swanke (LSE: AUK) has sold its interest in John R Harris and Partners Ltd, incorporated in Cyprus and operating out of the Middle East, to the local management team for a maximum consideration of AED 5m (USD 1.36m), the company said.

The consideration is to be settled by AED 4.25m (approximately GBP 913,000) in cash and a deferred payment of AED 750,000 (approximately GBP 161,000) payable over a fixed five-year period, subject to an early repayment discount.

The group has also entered into a marketing agreement, covering the use of the group's project portfolio and associated materials, over the deferred consideration period for an additional sum in order to maintain the group's interest in this important market.

John R Harris made a loss of GBP 162,000 (before amortisation of intangible assets) in the year ending 30 September 2021 and the value of its net assets (excluding goodwill and intangible assets recognised in the group consolidated balance sheet) was GBP 312,000 as at 30 September 2021.

The disposal is part of a series of intended actions to restructure...

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