29th Jul 2014 10:19
LONDON (Alliance News) - Panther Securities PLC Tuesday said it is no longer in discussions with Piers Read, managing director of Wimbledon Television and Film Studios, regarding the buyout of its 25% stake in the south London production site, after Read resigned from his post.
Earlier this year, property investors Panther Securities said the television studio located in Colliers Wood was seeking finance or new investors to upgrade some if its stage sets and film studios. However, Panther said such further investment was outside of its own remit.
Due to the envisaged sizeable investment an outside party would be required to make, Panther said it would be prepared to sell its investment to assist the trading business in its efforts to raise funds. Subsequently, the company said interest in the property had narrowed to two interested parties.
However, AIM-listed Panther Securities said late Monday it was notified that Read resigned from his position, citing disagreement with Panther on the future direction of the business.
Panther Securities said Read publicly released partial information on a proposal which he was working on to assist himself in carrying out a management buyout of the Studio business.
"The Panther Board wishes to advise that Mr Read's proposal was received at a very late stage of the process when talks with the other parties mentioned were at an advanced stage," the company said.
Furthermore, Panther said the management-led proposal required a long exclusivity period, while minimal due diligence had been conducted by the funders of the proposal at the time of the proposal. The proposal was also subject to further significant funds being raises from third parties.
"Accordingly, Panther is not pursuing discussions with Mr Read at this stage," the company said.
Panther Securities shares were up 2.1% at 347.00 pence Monday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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