Property Disposal Programme Update
Disposed of warehouse unit at Staverton site for £0.83m; three other units expected to sell for £1.2m in Q1 2025.
- Unit D disposal consideration £0.83m
- Additional disposals consideration (subject to contract) £1.2m
- Unit D warehouse size 6,000 square feet
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Pennant International Group plc (AIM:PEN), the systems support software and training solutions company, announces the disposal of unit D at the Group's Staverton site for a cash consideration of £0.83 million (the "Disposal") as part of the previously announced streamlining of the Group's Training Division.
The Group will on completion vacate this 6,000 square foot warehouse. The Disposal follows, as announced by the Group in its 10 December 2024, the sale by the Group (subject to contract) of three other commercial units at the Staverton site for an aggregate consideration of £1.2 million (the "Additional Disposals"). Subject to contract, the Additional Disposals are expected to complete during Q1 2025.
The net proceeds of the Disposal, received by the Company in cash on completion, will be applied to reducing the Group's overdraft borrowings.
After transaction expenses, the Disposal is expected to realise a small gain against unaudited book value as at 31 December 2024 and will result in additional Group borrowing headroom, notwithstanding a reduction in the Group's overdraft facility limit following the release of Unit D from the security package of Pennant's lender.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.