25 May 2012

21st Century sells head office

28/12/2011 Miles Nolan

CCTV supplier 21st Century (C21) has sold its Mitcham head office for £2.35 million - a move that could pave the way for a special dividend to shareholders.

The AIM listed firm has been marketing the mortgage free propertysince 2009, but has finally agreed the sale to the Byrne Group. Though in the books at £2.59 million, it had a provision for deferred tax on the revaluation surplus, so 21st Century reckons this will eliminate the book loss.

It argues that the site was significantly under utilised following the decision two years ago to offload its legacy distribution business. A smaller site in Croydon is now being sought, but in the meantime the purchaser has agreed to allow 21st Century to lease some of the space at the current site.

A £235,000 deposit has already been paid, with the balance payable on 6 January. As at the end of November the firm was sitting pretty with net cash of £2.7 million, so there will now be due consideration made to the possible payment of a special dividend - particularly if it is deemed that there is surplus cash available above and beyond that required for business development.

The shares are up 1.125p to 13.625p this morning, which is well up on our advice to buy a year ago at 7.5p. With current trading in its core business strong, fuelled by demand for its products, we remain positive on its prospects. Buy.

Tags: AIM market, Good deal, Growth company, Property sale, Special dividend

Sector: Support Services

Companies: 21st Century Technology

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