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:
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Panther Securities plc: |
Tel: 01707 667
300 |
Andrew Perloff/ Simon Peters |
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Allenby Capital Limited (Nomad
and Joint Broker) |
Tel: 020 3328
5656 |
David Worlidge/ Alex Brearley |
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