Disposal

4 Oct 2007 07:01

Panther Securities PLC04 October 2007 4 October 2007 Panther Securities PLC ("Panther" or "the Company") Disposal of Properties The Company is pleased to announce that it has exchanged contracts for the saleof the following properties by way of separate non-related transactions: Neil House 1-15, Whitechapel Road, London E1 1DU & 2/10 Osborn Street, London E16TD - This freehold property is a 60's mix-use building on the corner of Whitechapeland Osborn Street comprising approximately 40,000 sq ft being multi let,currently producing £450,000 with approximately 10,000 sq ft of the officesvacant. This property is being sold to part of the Workspace Group plc for £10,800,000and the group expects the profit on disposal before tax (but after costs) to beapproximately £3,500,000 being the excess over the book valuation asincorporated in the accounts for the year ended 31 December 2006 and the periodended 30 June 2007. Oldfield Road, Maidenhead - This freehold property is a 15,000 sq ft singlestorey industrial type building that had established an office use on a site ofapproximately half an acre and has been vacant for some time. It was sold forredevelopment to Henry Boot plc. This property is being sold for £2,250,000 and the group expects the profit ondisposal before tax (but after costs) to be approximately £925,000 being theexcess over the book valuation as incorporated in the accounts for the yearended 31 December 2006 and the period ended 30 June 2007. The gross proceeds of the above sales should all be received in cash within onemonth and amounts to approximately £13 million. The entire amount will be addedto the group's cash balances and available for future investment. The board areextremely pleased to have created such good liquidity ahead of what could provedifficult times for heavily indebted investors. For further information: Andrew Perloff, Panther Securities plc: 020 7278 8011 Simon Peters, Panther Securities plc: 020 7278 8011 This information is provided by RNS The company news service from the London Stock Exchange