Business
Property Disposal Programme Update
Property Disposal Programme Update.
About this update from Pennant International Group Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE 07 April 2025\n \nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nPENNANT INTERNATIONAL GROUP PLC\n'Pennant', the 'Company' or 'Group'\n \nProperty Disposal Programme Update\n \nPennant International Group plc (AIM:PEN), the systems support software and training solutions company, provides a further update in relation to its property disposal programme first announced on 23 September 2024.\n \nContracts have now been exchanged on three more commercial properties at the Group's Staverton site (being the 'Additional Disposals' referred to in the Company's announcement of 24 February 2025). The aggregate consideration is £1.2 million (excluding VAT). Completion on each of the transactions is set for 25 April 2025.\n \nOn completion, the Group will vacate the properties, comprising c. 8,500 square feet of predominantly warehouse space. No leaseback arrangements are being entered into, although a short term (peppercorn rent) licence of certain car parking spaces has been agreed.\n \nThe net proceeds of the Additional Disposals, which will be received by the Company in cash on completion, will be applied to redu...