Business
Conditional Sale of Property
Conditional Sale of Property.
About this update from Pennant International Group Plc
[{"type":"text","content":"\n Pennant International Group PLC\n02 November 2006\n\nPennant International Group plc (the 'Company')\n\nConditional sale of property in Southampton\n\n\n\n2 November 2006\n\n\n\nAs reported in the Chairman's interim statement on 6 September 2006, the\nCompany, in February 2006, exchanged conditional contracts for the sale of\nproperty in Southampton. The sale was conditional upon the purchaser being able\nto obtain planning permission by 15 November 2006.\n\n\n\nThe purchaser registered a planning application in June 2006 that has recently\nbeen refused. The planning authority ('the Authority') had a number of detailed\nconcerns. These have been discussed between the Authority and the purchaser who,\nin the near future, will submit a revised application.\n\n\n\nIn these circumstances, the Company has agreed with the purchaser an extension\nof 4 months to the period for obtaining the required permission to 15 March\n2007. The sale will not now be completed in 2006 and is expected to complete in\nthe first half of 2007. The transaction will realise a profit of approximately\n£300,000 and a cash inflow of approximately £700,000.\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1293,"tagName":"div"}]