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13 Aug 2018 11:33
Panther Securities Plc - Update on St Nicholas House, SuttonPanther Securities Plc - Update on St Nicholas House, Sutton
PR Newswire
London, August 13
13 August 2018
Panther Securities PLC
(the “Company” or the “Group”)
Update on St Nicholas House, Sutton
Further to the announcements of 16 April 2018 and 11 July 2018, the Company announces that the sale of St Nicholas House, Sutton (which is being jointly marketed by the Group and Crown Agents Limited) has been delayed and will not complete in August 2018.
A revised completion date of 6 September 2018 has been agreed pursuant to a second variation agreement dated 13 August 2018 in consideration for:
An additional payment of £500,000 (of which the Group's share is £325,000); and An extension fee of £50,000 (of which the Group's share is £32,500).In the event that the purchaser completes the sale on 6 September 2018 or within 5 working days after service of a notice to complete, the additional payment of £500,000 and the previous additional payment of £500,000 shall be deducted from the balance of the purchase price payable on completion. However, if completion takes place after the expiry of the fifth working day after service of a notice to complete, both additional payments shall be treated as payable in addition to the balance of the purchase price.
The Company remains hopeful that the remaining balance of circa £6.4 million of the agreed consideration will be received on 6 September 2018.
For further information:
| Panther Securities plc: | Tel: 01707 667 300 |
| Andrew Perloff/ Simon Peters | |
| Allenby Capital Limited (Nomad and Joint Broker) | Tel: 020 3328 5656 |
| David Worlidge/ Alex Brearley |
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