Panther Securities PLC Trading update (3468H)
07 June 2017 - 4:00PM
UK Regulatory
TIDMPNS
RNS Number : 3468H
Panther Securities PLC
07 June 2017
7 June 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Panther Securities PLC
(the "Company" or the "Group")
Trading update
Panther Securities PLC is pleased to announce that it has
exchanged contracts to sell its land with planning permission in
Holloway Head, Birmingham for GBP11,000,000. An GBP850,000 deposit
has been lodged in escrow with completion planned for six months'
time. The exchange is conditional on the satisfaction of certain
conditions, which are anticipated to be satisfied within two weeks,
when the deposit will be released to Panther.
Upon completion, this sale will show a good profit over book
value which was GBP6,000,000, in the Group's accounts for the year
ended 31 December 2016.
The total site received full planning permission in November
2015 for 487 residential units and approximately 5,000 sq ft of
commercial space. The planning permission was on an island site in
the centre of Birmingham, which comprised a total of two long
leasehold and three freehold properties acquired by Panther, over
the last 30 years and also, the Girl Guides area headquarters. The
purchaser will have to negotiate extensions and extended user
clause to the two existing 100 year leaseholds.
The planning permission which encompasses the Girl Guides
freehold building has allowed for the scheme to be built in phases
so that the Girl Guides could be rehoused in a new building on a
separate part of the overall site. We have had a good relationship
with the Girl Guides regarding site development over our 30 years'
ownership.
Andrew Perloff, Chairman of Panther, said "As stated in the 2015
accounts the original plan was for the Group to agree the
extensions before selling, but slow progress was made with the
Council, as the freeholder. This site has been put together and
worked on by the Group for over 30 years, this being the second
planning permission that has been obtained, thus the Board is very
pleased to finally be near to seeing the rewards of these
efforts.
I suspect many of the Girl Guides who used the property when our
original talks began will now be grandmother Guides, but such is
the pace of progress in Birmingham. The new owners will no doubt
enjoy the benefit of the good will we have acquired with the Guides
over the years."
For further information:
Panther Securities plc: Tel: 01707 667
300
Andrew Perloff/ Simon Peters
Allenby Capital Limited (Nomad Tel: 020 3328
and Joint Broker) 5656
David Worlidge/ Alex Brearley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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