REG-Panther Securities: Update on St Nicholas House, Sutton

Panther SecuritiesAnnouncement

13/08/2018 11:35

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:
1. An additional payment of £500,000 (of which the Group's share is
£325,000); and
2. 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                                         



Copyright (c) 2018 PR Newswire Association,LLC. All Rights Reserved