Last checked at 1 Mar 2007 11:24
1 March, 2007 Panther Securities PLC ("Panther" or "the Company") Disposal of investment properties Disposals
The Company announces that it has exchanged contracts for the sale of the following investment properties which have been sold as separate lots at public auction.
191-199 Rushey Green, Catford, London, SE6
Hainton House, Hainton Sq, Grimsby, South Humberside, DN32
74 Kilmarnock Rd, Glasgow, Lanarkshire, G41
63/65 High St, Dumbarton, Dumbartonshire, G82
Unit 1, 4 High St, Paisley, Renfrewshire, PA1
Unit 2, 4 High St, Paisley, Renfrewshire, PA1
These properties had a combined income of ‚£246,000 p.a.
The properties were sold for gross proceeds of ‚£4,986,000 and the group expects the profit on disposal (after costs) to be approximately ‚£1,350,000 in excess of the independent valuations of the above properties as incorporated in the accounts for the year ended 31 December 2005.
The net proceeds will be used to repay the remaining building society mortgages of approximately ‚£1 million with the balance being held for working capital purposes generally.
Acquisition
Further to the announcement made on 13 February 2007, Panther now confirms that on 28 February 2006 it completed the purchase of the four freehold factories, owned and occupied by subsidiary companies of Elektron PLC, for a cash consideration of ‚£4,600,000 (including purchasing costs).
For further information:
Andrew Perloff, Panther Securities plc: 020 7278 8011
Simon Peters, Panther Securities plc: 020 7278 8011
David Worlidge, John East & Partners Limited 020 7628 2200
PANTHER SECURITIES PLC