Panther Securities PLC
04 October 2007
4 October 2007
Panther Securities PLC ('Panther' or 'the Company')
Disposal of Properties
The Company is pleased to announce that it has exchanged contracts for the sale
of the following properties by way of separate non-related transactions:
Neil House 1-15, Whitechapel Road, London E1 1DU & 2/10 Osborn Street, London E1
6TD -
This freehold property is a 60's mix-use building on the corner of Whitechapel
and Osborn Street comprising approximately 40,000 sq ft being multi let,
currently producing £450,000 with approximately 10,000 sq ft of the offices
vacant.
This property is being sold to part of the Workspace Group plc for £10,800,000
and the group expects the profit on disposal before tax (but after costs) to be
approximately £3,500,000 being the excess over the book valuation as
incorporated in the accounts for the year ended 31 December 2006 and the period
ended 30 June 2007.
Oldfield Road, Maidenhead - This freehold property is a 15,000 sq ft single
storey industrial type building that had established an office use on a site of
approximately half an acre and has been vacant for some time. It was sold for
redevelopment to Henry Boot plc.
This property is being sold for £2,250,000 and the group expects the profit on
disposal before tax (but after costs) to be approximately £925,000 being the
excess over the book valuation as incorporated in the accounts for the year
ended 31 December 2006 and the period ended 30 June 2007.
The gross proceeds of the above sales should all be received in cash within one
month and amounts to approximately £13 million. The entire amount will be added
to the group's cash balances and available for future investment. The board are
extremely pleased to have created such good liquidity ahead of what could prove
difficult times for heavily indebted investors.
For further information:
Andrew Perloff, Panther Securities plc: 020 7278 8011
Simon Peters, Panther Securities plc: 020 7278 8011
This information is provided by RNS
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