13 August
2018
Panther Securities
PLC
(the “Company” or
the “Group”)
Update on St
Nicholas House, Sutton
Further to the announcements of 16 April
2018 and 11 July 2018, the
Company announces that the sale of St Nicholas House, Sutton (which
is being jointly marketed by the Group and Crown Agents Limited)
has been delayed and will not complete in August 2018.
A revised completion date of 6 September
2018 has been agreed pursuant to a second variation
agreement dated 13 August 2018 in
consideration for:
- An additional payment of £500,000 (of which the Group's share
is £325,000); and
- An extension fee of £50,000 (of which the Group's share is
£32,500).
In the event that the purchaser completes the sale on
6 September 2018 or within 5 working
days after service of a notice to complete, the additional payment
of £500,000 and the previous additional payment of £500,000 shall
be deducted from the balance of the purchase price payable on
completion. However, if completion takes place after the expiry of
the fifth working day after service of a notice to complete, both
additional payments shall be treated as payable in addition to the
balance of the purchase price.
The Company remains hopeful that the remaining balance of circa
£6.4 million of the agreed consideration will be received on
6 September 2018.
For further information:
|
|
| Panther Securities plc: |
Tel: 01707 667
300 |
| Andrew Perloff/ Simon Peters |
|
|
|
| Allenby Capital Limited (Nomad
and Joint Broker) |
Tel: 020 3328
5656 |
| David Worlidge/ Alex Brearley |
|