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Whitbread property revaluation results in net value drop.

A revaluation of the property owned by Whitbread PLC will result in a writeoff of more than 450 million pounds, according to a report in Britain's Independent newspaper.

Such a result from the revaluation announced by the company last November would remove almost a pound from the net asset value of each Whitbread ordinary share, which last was reported as 562 pence.

The Independent said a company spokesman declined comment on the size of the writedown likely to emerge from the revaluation exercise but said any revaluation will be comfortably absorbed by Whitbread's balance sheet. Whitbread officials could not be reached for comment.

Whitbread PLC's properties -- which include public drinking houses, breweries, liquor stores, offices and warehouses -- were last valued in 1989, before the U.K. recession.
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Title Annotation:Whitbread and Company PLC;brewing industry
Publication:Modern Brewery Age
Date:Apr 26, 1993
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