Panther Securities PLC
("Panther" or "Group")
29 July 2014
Update on Wimbledon Studios
As previously announced in our interim management statement for the period
ended 30 September 2013 and within our further announcement on 25 March 2014,
Wimbledon Television and Film Studios, whose trading business is 25% owned by
Panther, has been seeking finance or new investors to upgrade some of its stage
sets and film studios. The Panther Board confirms that such further investment
was outside of the remit of the Group.
Due to the envisaged sizeable investment an outside party would be required to
make, Panther had previously stated it might be prepared to sell its investment
to assist the trading business finding the desired investment.
The management of the trading business undertook a full exercise to locate this
interest.
However, separately, Panther's announcement that stated it would be prepared to
sell the freehold that the trading business operates from, has crystallised
other, non-studio related property investor/ developer interest in this clearly
desirable area.
Of the previous announced interest Panther stated it had two further offers in
relation to purchasing the freehold property and also potential interest for
utilising the buildings for alternative use.
The interest in the property had narrowed to two interested parties.
The Panther Board was surprised to hear yesterday that Piers Read, Managing
Director of Wimbledon Studios (the trading business), resigned stating
disagreement with Panther on the future direction of the business. The Panther
Board also notes that Mr Read has publicly released partial information on a
proposal, which he was working on, to assist himself in carrying out a
management buyout of the Studio business. The Panther Board wishes to advise
that Mr Read's proposal was received at a very late stage of the process when
talks with the other parties mentioned above were at an advanced stage.
Furthermore, the management led proposal also required a long exclusivity
period, minimal due diligence had been conducted by the funders of the proposal
at the time of the proposal and the proposal was subject to further significant
funds being raised from third parties. Accordingly, Panther is not pursuing
discussions with Mr Read at this stage.
A further announcement will be made in due course.
For further information contact:
Panther Securities PLC 01707 667 300
Andrew Perloff - Chairman
Simon Peters - Finance Director
Sanlam Securities UK Limited (Nomad and Joint Broker) 020 7628 2200
David Worlidge/ Virginia Bull