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TG21

  • BY: Andrew Hore |
  • POSTED: 20/10/2008 |

TG21 plans to sell its head office in Mitcham for £2.7m.

Drake Investments has the option to purchase the premises in Surrey which are too big for TG21’s current needs. If the option is exercised then the site will be redeveloped and TG21 will lease part of the newly developed site. The option is subject to Drake gaining planning permission. The option will lapse after 18 months if there are no outstanding planning appeals.

The cash raised will pay off related debt and be reinvested in the public transport CCTV business. Net debt was £355,000 at the end of June 2008.

There is no mention of any potential gain on the site disposal.

It is difficult to say when the option might be exercised but it could be a year away.

A 0.125p improvement in the shares took them to 4p each, which values TG21 at £3.27m.

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