Business
Disposal
Disposal.
About this update from Panther Securities Plc
[{"type":"text","content":"\n Panther Securities PLC\n04 October 2007\n\n\n\n\n\n4 October 2007\n\n\n Panther Securities PLC ('Panther' or 'the Company')\n\n Disposal of Properties\n\n\nThe Company is pleased to announce that it has exchanged contracts for the sale\nof the following properties by way of separate non-related transactions:\n\n\nNeil House 1-15, Whitechapel Road, London E1 1DU & 2/10 Osborn Street, London E1\n6TD -\n\nThis freehold property is a 60's mix-use building on the corner of Whitechapel\nand Osborn Street comprising approximately 40,000 sq ft being multi let,\ncurrently producing £450,000 with approximately 10,000 sq ft of the offices\nvacant.\n\n\nThis property is being sold to part of the Workspace Group plc for £10,800,000\nand the group expects the profit on disposal before tax (but after costs) to be\napproximately £3,500,000 being the excess over the book valuation as\nincorporated in the accounts for the year ended 31 December 2006 and the period\nended 30 June 2007.\n\n\nOldfield Road, Maidenhead - This freehold property is a 15,000 sq ft single\nstorey industrial type building that had established an office use on a site of\napproximately half an acre and has been vacant for some time. It was sold for\nredevelopment to Henry Boot plc.\n\n\nThis property is being sold for £2,250,000 and the group expects the profit on\ndisposal before tax (but after costs) to be approximately £925,000 being the\nexcess over the book valuation as incorporated in the accounts for the year\nended 31 December 2006 and the period ended 30 June 2007.\n\n\nThe gross proceeds of the above sales should all be received in cash within one\nmonth and amounts to approximately £13 million. The entire amount will be added\nto the group's cash balances and available for future investment. The board are\nextremely pleased to have created such good liquidity ahead of what could prove\ndifficult times for heavily indebted investors.\n\n\nFor further information:\n\n\nAndrew Perloff, Panther Securities plc: 020 7278 8011\n\nSimon Peters, Panther Securities plc: 020 7278 8011\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2317,"tagName":"div"}]