Morgan Sindall Investments Limited acquired 50% stake in a majority of extra care, care and supported living pipeline schemes from Ashley House plc (AIM:ASH) for £4 million on December 15, 2017. Ashley House has received £2 million in cash and will receive a further £0.5 million at the beginning of January 2018 with the remaining £1.5 million contingent on certain completion mechanics but expected to be paid in early 2018. Other than two current Housing division schemes of Ashley House which are shortly due to reach financial close, all extra care, care and supported living pipeline schemes will become part of the joint venture. Employees of Ashley House currently working in the Housing division will be provided by Ashley House to the joint venture as part of the agreement. It is not expected that any employees will transfer to Morgan Ashley Care Developments pursuant to transfer of undertakings. The Board of Ashley House intends to apply the consideration received to pursue Ashley House's strategy and to provide working capital to all of its activities, to accelerate the development of the MACD pipeline and to further grow F1 Modular Limited. Adrian Hadden, Ed Allsopp and James Sinclair-Ford of WH Ireland Ltd acted as nominated advisor and broker to Ashley House plc. Morgan Sindall Investments Limited completed the acquisition of 50% stake in a majority of extra care, care and supported living pipeline schemes from Ashley House plc (AIM:ASH) on December 15, 2017.