Pennant International Group PLC
02 November 2006
Pennant International Group plc (the 'Company')
Conditional sale of property in Southampton
2 November 2006
As reported in the Chairman's interim statement on 6 September 2006, the
Company, in February 2006, exchanged conditional contracts for the sale of
property in Southampton. The sale was conditional upon the purchaser being able
to obtain planning permission by 15 November 2006.
The purchaser registered a planning application in June 2006 that has recently
been refused. The planning authority ('the Authority') had a number of detailed
concerns. These have been discussed between the Authority and the purchaser who,
in the near future, will submit a revised application.
In these circumstances, the Company has agreed with the purchaser an extension
of 4 months to the period for obtaining the required permission to 15 March
2007. The sale will not now be completed in 2006 and is expected to complete in
the first half of 2007. The transaction will realise a profit of approximately
£300,000 and a cash inflow of approximately £700,000.
This information is provided by RNS
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