Conditional Sale of Property

2 Nov 2006 15:40

Pennant International Group PLC02 November 2006 Pennant International Group plc (the "Company") Conditional sale of property in Southampton 2 November 2006 As reported in the Chairman's interim statement on 6 September 2006, theCompany, in February 2006, exchanged conditional contracts for the sale ofproperty in Southampton. The sale was conditional upon the purchaser being ableto obtain planning permission by 15 November 2006. The purchaser registered a planning application in June 2006 that has recentlybeen refused. The planning authority ("the Authority") had a number of detailedconcerns. These have been discussed between the Authority and the purchaser who,in the near future, will submit a revised application. In these circumstances, the Company has agreed with the purchaser an extensionof 4 months to the period for obtaining the required permission to 15 March2007. The sale will not now be completed in 2006 and is expected to complete inthe first half of 2007. The transaction will realise a profit of approximately£300,000 and a cash inflow of approximately £700,000. This information is provided by RNS The company news service from the London Stock Exchange