Pennant International Group plc (LON:PEN), the systems support software and training solutions company, has announced the disposal of unit D at the Group’s Staverton site for a cash consideration of £0.83 million 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. 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 Pennant International 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.
