Trading update

RNS Number : 3468H

Panther Securities PLC

07 June 2017

 

7 June 2017

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Panther Securities PLC

(the "Company" or the "Group")

Trading update

Panther Securities PLC is pleased to announce that it has exchanged contracts to sell its land with planning permission in Holloway Head, Birmingham for £11,000,000.  An £850,000 deposit has been lodged in escrow with completion planned for six months' time.  The exchange is conditional on the satisfaction of certain conditions, which are anticipated to be satisfied within two weeks, when the deposit will be released to Panther.

Upon completion, this sale will show a good profit over book value which was £6,000,000, in the Group's accounts for the year ended 31 December 2016.

The total site received full planning permission in November 2015 for 487 residential units and approximately 5,000 sq ft of commercial space.  The planning permission was on an island site in the centre of Birmingham, which comprised a total of two long leasehold and three freehold properties acquired by Panther, over the last 30 years and also, the Girl Guides area headquarters.  The purchaser will have to negotiate extensions and extended user clause to the two existing 100 year leaseholds. 

The planning permission which encompasses the Girl Guides freehold building has allowed for the scheme to be built in phases so that the Girl Guides could be rehoused in a new building on a separate part of the overall site.  We have had a good relationship with the Girl Guides regarding site development over our 30 years' ownership. 

Andrew Perloff, Chairman of Panther, said "As stated in the 2015 accounts the original plan was for the Group to agree the extensions before selling, but slow progress was made with the Council, as the freeholder. This site has been put together and worked on by the Group for over 30 years, this being the second planning permission that has been obtained, thus the Board is very pleased to finally be near to seeing the rewards of these efforts.

I suspect many of the Girl Guides who used the property when our original talks began will now be grandmother Guides, but such is the pace of progress in Birmingham.  The new owners will no doubt enjoy the benefit of the good will we have acquired with the Guides over the years."

For further information:

Panther Securities plc:	Tel: [phone]
Andrew Perloff/ Simon Peters
Allenby Capital Limited (Nomad and Joint Broker)	Tel: [phone]
David Worlidge/ Alex Brearley

 

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