REG - Pennant Int. Group - Property Disposal Programme Update

Pennant InternationalAnnouncement

07/04/2025 07:00

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RNS Number : 8312D  Pennant International Group PLC  07 April 2025

FOR IMMEDIATE RELEASE
 
07 April 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

'Pennant', the 'Company' or 'Group'

 

Property Disposal Programme Update

 

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.

 

 

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)

  Walbrook PR (Financial PR)                                           pennant@walbrookpr.com (mailto:pennant@walbrookpr.com)
 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.

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