Panther Securities Share Discussion Threads

[ntv] 19/8/2018 09:05

topvest
Caffyns has a lot preference shares in issue that cloud the picture of nett assets per ordinary shares. these appear to have voting rights equal to the ordinaries in the case of a takeover over approach
more details if you scroll back through the thread and in the annual reports
They also prevent Caffyns from raising money effectively from outside the family but things might be changing
it is certainly getting interesting with Charles Stanley and Mr Perloff effectively putting a floor under the current price
i think Caffyns would make more money from just renting out the sites rather than selling cars.
The old landrover site says it all

[topvest] 14/8/2018 18:48

NTV - thanks very interesting. Caffyn's is a deep value play. Book value is c£27m (or c£37m revaluing their properties as there is a £10m uplift disclosed on those) versus the £11m market value. Looks like Perloff has over 9% so now the biggest holder. Caffyn's does have a big pension scheme deficit that complicates things, but that hasn't put Perloff off in the past.

[ntv] 13/8/2018 17:15

Mr Perloff is also building a significant stake in Caffyns
any thoughts on Panther bidding for Caffyns or helping a management take it private
He has been building a significant stake very quickly

[ntv] 13/8/2018 17:13

Heybridge site looks interesting
i think it is next to an Asda store and is 9.5 acres
side onto residential but you never know whether the council would allow that change of use in the future
there has been a fair bit of expansion in the area already.
even if they did, agreeing all the paperwork will probably be protracted so doubt it would happen in the immediate future

topvest
if one or both parties walkaway from the "sale agreed" sites then Panther should still do ok as you said with the deposits and fees.So no harm done to the balance sheet. Especially after the Wimbledon studio sale plus other sales
probably got £23m from those before tax

[topvest] 13/8/2018 12:00

Perloff is having some great fun with these land sales. Sounds like the other parties are struggling to raise finance and with every delay, Perloff increases the price / non refundable deposit. Can see at least one of the transactions being aborted and Panther being able to keep the deposit and property. The difference between the prudent and astute versus the desperate and leveraged investor I suspect.

[ntv] 13/8/2018 11:10

Sutton sale delayed now but it appears only for a few days
lets just hope everything completes in due course
be interesting to get some news on the land sale at Wickford

[ntv] 13/8/2018 09:46

well that is another £500k in and it makes it more likely that the land sale will complete at the end of August
could well be that Panther have over £35m in cash (excluding any debt associated with sales that has to be paid off) and this will see them through any Brexit problems in the property market and secure dividends over the next few years.
2021 see a big reduction in interest rate costs
meanwhile the increase in short term rates will see the swap position improve although this might be reversed later in the year as the economy stalls
downside is valuation and rents receivable from retail assets
I guess some of these though can be sold off to developers for residential use but a little bit limited on that
as more shops close then the government might eventually rethink it's strategy on rates. but they have no forward vision

[topvest] 11/7/2018 17:27

Perloff is definitely selling assets. Quite a good indicator of where we are in the cycle. Near the top probably.

[russman] 11/7/2018 13:03

Nice profit. R

[topvest] 11/7/2018 12:08

Yes, excellent update again. Well done Perloff.

[ntv] 11/7/2018 11:04

added a few more today
a good sale and completed
huge cut in interest rate costs to come through in the dec 2021 as predicted

[ntv] 22/6/2018 13:45

thanks topvest

[topvest] 20/6/2018 20:33

OK, thanks NTV anyway. Best wishes.

[ntv] 20/6/2018 08:30

sorry not going to make agm as my vertigo has had the better of me for the last couple of days as busy places are not for the brain. london and the train station/underground would be hard work if not impossible

[ntv] 11/6/2018 12:32

no change there topvest
it is a hopeless way to raise extra tax, probably Osbourne, imho the chancellor who failed miserably to sort the roads and rail issues out while there was zero other building going on. look what things cost as all the builders are now fully employed all that wasted benefits because they don't think more than a month in advance
they want to build a new town near Colchester but with no infastructure spending or if it is planned it is not for another 10 years time!
they only way to save the old department store is for them to become mini shopping centres , almost sub letting space to start ups or mini stores
there has to be a way to survive

maybe i'm wrong and these businesses were destine to fail anway
just looking at homebase around the corner that is closing down and things they are selling off.
they gave valuable shelf space to stuff you would take to a car boot or put in a skip
things that sell in B&M for 1/4 of the price they sill can't shift

[topvest] 11/6/2018 07:07

Yes, I agree the Government need to act. Once HoF, Debenhams and others fold, public opinion may well push them into doing something. Typical government policy. Wait until the wheels fall off and then look for someone to blame!

[ntv] 10/6/2018 20:27

think i will have a couple questions about LAS/BISI and CFYN to add to the list

topvest
he is certainly right about business rates on retail premises. i think a lot of these will have to be converted to residential use as it seems impossible for the small businesses to survive / start up
it is a shame because Colchester once had a lot small shops. now they are empty. Council don't maintain the pavements with lots of dodgy paving that is a nightmare for my balance.
a lot of regeneration needs to take place but a lot of the retail space i think should be converted but that is my own opinion as i can't see how it will ever be filled again. emty shops make the place look like you are living in a ghost town

[topvest] 10/6/2018 20:02

Will have to go one day myself to see Perloff, the legend, in action! I do enjoy his ramblings, even though his views are sometimes maybe a little too right wing.

[ntv] 10/6/2018 19:49

no problem topvest as i have a similar question about retailing because of the real problems that can seen elsewhere
at least the beales department in perth looks as though it has a coffee shop downstairs at the front. that's good retailing imho though it won't survive as a coffee shop on its own!

Costa has proved what an extremely good business it is to in in terms of cashflow and profit margins.
a number of local garden centres appear to have set up really good coffee shops/ cafes call them what you will and used the profits to expand their businesses successfully by the looks of it. presuming it is not all owed to the banks

Wyevale garden centres appears to in trouble and wants to sell its local to presuming high borrowings and but maybe the freeholds have been sold off prior one of the first garden that introduced a proper coffee shop in its garden centres
so i presume the owners have asset stripped what they can

onto other things we have just bought a bathroom suite from Victorian Plumbing . what a nightmare and so wish we had viewed and bought locally. now fighting to get our money back as to be honest the bath is not fit for purpose
i think personally there is still a future in retail shops but still not sure how it will work. times are changing fast

[topvest] 10/6/2018 19:25

Hi NTV - it would be interesting to know what Perloff's views are on Beales and how this might impact Panther if the department store moves into administration (i.e. what is his masterplan)? Thanks

[ntv] 10/6/2018 18:06

I am planning to go to the AGM this year, so if there any questions anyone wants asked I am happy to do so and post replies on here

[ntv] 10/5/2018 08:23

that is a good spot Jeff H

[jeff h] 03/5/2018 15:17

Plans afoot for a new letting in vacant space:-

[ntv] 27/4/2018 08:11

Beales is supposed to pay £80k per annum for Perth store
looks like at write off/bad debt provision presumably when Beales went into CVA of about £1/2m but not sure if i am reading correctly so stand to be corrected

[russman] 26/4/2018 20:49

Yes a number of errors.But also hit some winners.AP knows what he is doing.