Property Disposal Programme Update
Exchanged contracts on three Staverton properties for £1.2m; completion 25 April 2025.
- Aggregate consideration £1.2 million
- Space being vacated c. 8,500 square feet
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Pennant International Group plc (AIM:PEN), the systems support software and training solutions company, provides a further update in relation to its property disposal programme first announced on 23 September 2024.
Contracts have now been exchanged on three more commercial properties at the Group's Staverton site (being the 'Additional Disposals' referred to in the Company's announcement of 24 February 2025). The aggregate consideration is £1.2 million (excluding VAT). Completion on each of the transactions is set for 25 April 2025.
On completion, the Group will vacate the properties, comprising c. 8,500 square feet of predominantly warehouse space. No leaseback arrangements are being entered into, although a short term (peppercorn rent) licence of certain car parking spaces has been agreed.
The net proceeds of the Additional Disposals, which will be received by the Company in cash on completion, will be applied to reducing the Group's overdraft borrowings.
After transaction expenses, the Additional Disposals are 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 four properties from the security package of Pennant's lender.
Marketing of the final two freehold properties at the Staverton site continues and the Company will provide a further update as and when necessary.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.