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29 Oct 2009 07:00
29 October 2009 PANTHER SECURITIES PLC ("PANTHER" OR "GROUP") TRADING UPDATE
Panther is pleased to announce two recent property disposals.
Following the announcement on 15 July 2009 concerning the acquisition of a small group of companies from GNE Group Limited, the Group announces that it has exchanged contracts to sell two of the five properties owned by the small group of companies acquired. The first is a convenience store located in Stoke-on-Trent let to United Co-operative Food Stores. The second, located in Stockton-on-Tees, is a development of three retail units and six flats (one sold on a long lease). The agreed sale prices show a combined 1,325,000, which accounts for over 90 per cent. of the cost of acquiring the entire five properties. The Directors of Panther are very pleased with these disposals.
It is envisaged that the remaining three sites will either be sold, or let on a short term leases and then sold when land values improve. Panther considers that when the remaining sites are sold or let, the entire transaction will generate significant profits for the Company.
Each of the three remaining sites have a mixture of both residential and/or commercial planning consent, which may be improved in due course. Full details were set out in the announcement dated 15 July 2009.
For further information:John Doyle 01707 667 305 Simon Peters 01707 667 304
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