Paragon Entertainment Limited Property Disposal (9027Q)
22 2월 2019 - 10:29PM
UK Regulatory
TIDMPEL
RNS Number : 9027Q
Paragon Entertainment Limited
22 February 2019
Date: 22 February 2019
On behalf Paragon Entertainment Limited ("Paragon", the
of: "Company" or the "Group")
Paragon Entertainment Limited
Property Disposal
Paragon Entertainment is pleased to announce that it has today
completed the sale of its freehold property at the Elvington
Industrial Estate, York for GBP550,000 in cash (the "Disposal").
The site currently houses the Company's administrative functions
and these activities will shortly be relocated to the Company's
closely adjacent site in York, bringing the administrative and
creative parts of the business onto a single site, yielding modest
operational cost savings estimated of approximately GBP100,000 on
an annualised basis.
The proceeds of the Disposal will be used to reduce the level of
the Company's on-demand overdraft facility with HSBC (which stood
at approximately GBP1.04m at 11 February 2018 against a limit of
GBP1.2m) and pay off the mortgage facility which stands at
GBP134,000. Following the Disposal, the limit on the overdraft
facility will be reduced to GBP882,000, making the Disposal neutral
in terms of cash and bank facilities.
As reported on 18 December 2018 HSBC remains supportive of the
Company and has, as secured lender to the Company, consented to the
Disposal.
Paragon has learned that one of its foreign debtors has sought
protection from creditors. This debtor owes Paragon GBP168,000 and
Paragon had already made provision for part of this amount as a
doubtful debt. Paragon will be reviewing the impact of this on the
2018 annual results.
Whilst the Directors remain vigilant as to day to day cashflow
and borrowing levels they remain comfortable that following the
Disposal they will be able to trade within the confines of the
reduced facility level. Notwithstanding the Board is of the view
that an on-demand overdraft facility is a sub-optimal financing
structure for a business like Paragon and are accordingly looking
closely at ways of bringing longer term capital into the
business.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
For further information:
Paragon Entertainment Limited
Neil Jefferies (Finance Director)
Mark Taylor (Non-Executive Chairman)
finnCap Ltd 01904 608020
Julian Blunt / Simon Hicks (corporate
finance)
Alice Lane (corporate broking) 020 7220 0500
About Paragon
Paragon Entertainment Limited (AIM:PEL) is an award winning
provider of attraction services from initial design production and
consulting through to the fit out and installation of themed
attractions, heritage exhibits, museums, aquariums and water parks,
inter alia. Paragon Entertainment is the holding company for
Paragon Creative Limited.
The Group's projects have included:
-- The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London;
-- The design and build of Kidzania, London;
-- The design and build of galleries at the Olympic Museum for
the IOC in Lausanne, Switzerland;
-- The design and build of the galleries at The National Museum of Kazakhstan;
-- The design and build of Titanic Belfast; and
-- The thematic build of the Wallace and Gromit ride at Blackpool Pleasure Beach.
The Group listed on AIM in 2011. Further information can be
found at http://www.paragonent.com.
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 or visit www.rns.com.
END
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