REG - Pennant Int. Group - Property Disposal Programme Update

Pennant InternationalAnnouncement

24/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250224:nRSX0911Ya&default-theme=true

RNS Number : 0911Y  Pennant International Group PLC  24 February 2025

 

FOR IMMEDIATE RELEASE
 
         24 February 2025

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

PENNANT INTERNATIONAL GROUP PLC

 

Property Disposal Programme Update

 

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.

 

 

Enquiries:

 

 Pennant International Group plc                                       www.pennantplc.com (http://www.pennantplc.com/)
 David Clements, Company Secretary                                     +44 (0) 1452 714 914

 Zeus (Nomad)                                                           www.zeuscapital.co.uk (http://www.zeuscapital.co.uk/)

 Mike Coe / Darshan Patel (Investment Banking)                         +44 (0) 203 829 5000

 Cavendish Capital Markets Limited (Broker)                            www.cavendish.com (http://www.cavendish.com/)
 Ben Jeynes / Callum Davidson / George Lawson (Corporate Finance)      +44 (0) 207 220 0500
 Michael Johnson / Dale Bellis / Sunila de Silva (Sales and Corporate
 Broking)

                                                                       pennant@walbrookpr.com (mailto:pennant@walbrookpr.com)

 Walbrook PR (Financial PR)
 Tom Cooper                                                            +44 (0)20 7933 8780

 Joe Walker                                                            Mob: +44 (0)7407 020 470

 

Notes to editors:

Pennant International Group plc (AIM: PEN) is a technology driven, leading
global provider of system support software and services, technical services,
and training solutions. It supports its global customer base in the design,
development, operation, maintenance, and training of complex assets, to
maximise operational and maintenance efficiency.

Its key markets include Aerospace, Defence and Rail, and adjacent
safety-critical markets such as Shipping, Nuclear and Space.

 The Group addresses the market through three key business segments:

•     Software: a key generator of recurring revenues through the
provision of a suite of software tools designed to help clients: manage and
use complex data; ensure equipment availability at optimal cost; and comply
with industry standards.  Its Integrated Product Support (IPS) and Integrated
Logistics Support (ILS) software and services equips customers with powerful
market-leading toolsets to manage, model and utilise complex equipment data.

•    Technical Services: drives repeatable revenues through expert
support for users of Pennant and third-party solutions including consultancy,
support and maintenance, training and bespoke development.

•    Training Systems: project-based revenues relating to the design and
build of hardware, software and virtual training solutions for maintainers and
operators of aircraft, ships and land systems.

Pennant is strategically focused on sustainable recurring and repeatable
revenues and profitability growth, shifting its model towards high margin
software and services. Against a climate of rising defence budgets and the
burgeoning technological complexity of military, aviation and rail platforms,
the demand for these solutions is expected to grow substantially.

Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in
Europe, North America and Asia-Pacific, serving markets with high barriers to
entry often in regulated industries.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSEMFMFEISEIE