Pennant International Group PLC
23 February 2006
For Immediate Release 23 February 2006
Pennant International Group plc (the 'Company')
Conditional sale of Southampton property
The Company today announces that it has exchanged contracts for the conditional
sale of the Company's Southampton property. The property that is no longer
suitable for the Company's requirements has a book value of £372,500.
The sale is conditional upon the purchaser being able to obtain satisfactory
planning permission within 9 months of the date of exchange.
The agreed sale price is £721,000, in cash, increased by £26,000 for each unit
of residential accommodation for which planning is granted in excess of 22
units.
On completion, the business currently carried out from these premises will be
transferred to more suitable rented accommodation.
An update will be provided in due course.
Enquiries:
Pennant International Group plc
John Waller, Finance Director.
Tel: 01452 714881
This information is provided by RNS
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