REG-Panther Securities: Partial disposal of M.R.G Systems Limited <Origin Href="QuoteRef">PNS.L</Origin>

Panther SecuritiesAnnouncement

21/12/2017 16:21

21 December 2017

Panther Securities PLC

(the “Company” or the “Group”)

Partial disposal of M.R.G Systems Limited

Panther Securities PLC is pleased to announce that it has sold the majority of
its 75% holding in M.R.G Systems Limited (“M.R.G”) (the “Disposal”). 
M.R.G is a provider of digital display technology, primarily to the bookmaking
industry and does not form part of the Group’s core property business. The
purchasers of the interest in M.R.G that has been sold are M.R.G itself and
the majority of its members of management and staff (the “Purchasers”). 

In consideration for the Disposal, the Company will receive a total
consideration of £115,000 in cash.  The Group intends to apply the proceeds
from the Disposal towards the Group’s working capital.  Following the
Completion of the Disposal, M.R.G will cancel a number of its shares and
following this cancellation the Company is expected to retain a 15% interest
in M.R.G.  The Company will remain as M.R.G’s landlord following the
Disposal.

M.R.G's audited accounts for the year ended 31 December 2016 recorded turnover
of approximately £1.7 million and a profit before taxation of approximately
£69,000. The audited net assets of M.R.G as at 31 December 2016 were
approximately £0.37 million. Following the Disposal, M.R.G will no longer be
consolidated in the Group’s accounts. 

The Purchasers include Bryan Corbin and Adrian Potter who are directors of
M.R.G, with Bryan Corbin also currently holding more than 10% of M.R.G’s
ordinary share capital. The participation by Bryan Corbin and Adrian Potter is
therefore deemed to constitute a related party transaction under the AIM Rules
for Companies. The directors of Panther Securities PLC, having consulted with
the Company's nominated adviser, Allenby Capital Limited, consider the terms
of the Disposal to be fair and reasonable insofar as the Company's
shareholders are concerned. 

The Board of Panther is pleased that this company, which we provided the
original seed finance to on its formation over 30 years ago, is being acquired
by its management and employees and we wish them the success they deserve.

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                                         



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