Panther Securities Share Discussion Threads

[ntv] 26/9/2018 07:06

Well it is steady as she goes as no extra news other than an agreement to rent property in Maldon. A nice amount to help replace income from sold properties
Wickford will be a standalone scheme so may be a sale soon
Swindon market scheme to be reworked so guess that will a take a year or so so maybe some news this time next year
Was a bit hopeful on the special dividend front for another one in 2018. Ready and awaiting the Brexit challenges that appear more than likely to be a "hard version " whatever that really means

[jeff h] 22/9/2018 11:57

From the below Trading Update




Use of property sale proceeds

The considerable funds from the sale of Wimbledon Studios and the other property sales outlined above will be used partly to pay down debt and partly held for other opportunities. If the sales of St Nicholas House and Holloway Head complete, then the Group will be in a very strong liquid position to take advantage of any opportunities that may arise.

....may get another say 10p special dividend though due to the profitable disposals.

[topvest] 22/9/2018 11:38

Hi NTV, I think Perloff is cashing up and readying himself for some great bargains to be had potentially next year as the 24 hour Brexit "doom and gloom" media campaign at last starts to impact the UK economy. I think he did something similar about 10 years ago.

[ntv] 22/9/2018 11:11

Next week should be interim results time
Several deals have been completed since the half year so most of the profits will show in the second half
Half year results will hopefully show a small increase in rental income though this will drop in the second half following recent large asset sales.
Second half finance costs will drop to compensate for this but not enough to cover loss of rental income
Maybe another positive move in the financial derivatives valuation to feed through in the interims as well

Well what to do with all that cash is the big question
Special dividend?
Increase yearly dividend as it has been at 12p per annum for a while?
Share buyback to hold in treasury?
Bid for Caffyns? It now has the fire power
Some sort of corporate move on LAS?
Just sit and hold the cash? not bothered by that as Brexit could be interesting time to do a deal
All pure speculation on my part so as smaller shareholders we just have to wait and
Of course we have the Chairman's Ramblings to look forward too!!

[jeff h] 11/9/2018 17:47

Yes NTV, Good point Under Offer can also refer to a new rental as you say, good
news for the company though if it is a sale or rental.

Often they seem to buy properties with empty/vacant space so reducing the unlet space is welcome.

[ntv] 11/9/2018 16:16

Jeff H
thanks for the imfo
Derby - looks like was going to auction for £165k so maybe a private sale or new rental
Broadstairs - I thought they were going to develop and keep according to final published in April 17>maybe they have a tenant for the shop now
I think the others were all up for rent but might be possible disposals as well, at the right price
not long til the interims

[jeff h] 11/9/2018 07:43

I would think if you include the recent disposals, and a falling Derivative/Interest Rates Swaps Liability, the NAV must be around £6.00 a share which is a huge discount to the market price.

Note also (from the company website) other smaller properties are "Under Offer":-

4 Babington Lane, Derby

19-25 Tarleton St, Liverpool

136 Above Bar St, Southampton

120 High St, Margate

8-12 High Street, Broadstairs

[ntv] 11/9/2018 06:47

topvest
As you say plenty of cash in the bank now and the company also banked some healthy profits for the second half of the year
Interims due soon

Now where to invest all that cash is the big question ?

[topvest] 11/9/2018 06:30

St. Nicholas House, Sutton, has also completed. That's very good news. Nicely cashed-up ahead of potentially Brexit choppy waters.

[ntv] 09/9/2018 15:46

looks like Britannia Shopping Centre, Hinckley is up for sale for approx £7.5m
Bought at agood price/yield so guess they are trying to make a quick profit

[ntv] 08/9/2018 06:26

Post Brexit vote low was 290 mid I think

[ntv] 08/9/2018 06:26

another 20k went through @325 as a late trade
I guess some is exiting left as they say ahead of the looming property crash with Brexit

[topvest] 07/9/2018 18:16

Hi NTV - ok thanks. Sorry, didn’t look closely enough.

[ntv] 07/9/2018 18:09

topvest
The family holding news appears to be a transfer due to a Will

[topvest] 07/9/2018 17:43

Looks like they have another 5 days after the notice is served, so maybe next week? Either one or both of the transactions over the line is a great result. CFYN is an interesting one. Is he buying shares off one of the family members as there was a holding RNS on one of the Caffyns today as well I think?

[ntv] 07/9/2018 16:54

Purchaser of Sutton house doesn't want to pay up just yet
If not paid for in full by this time next week then I guess Panther get to keep the deposit and additional payments. Then I guess they can put the property back on the market. Interesting

[ntv] 07/9/2018 11:33

Mr Perloff's holding now nearly 11% in CFYN

[topvest] 03/9/2018 19:38

You always know when its the top of the market and Perloff sells some very valuable assets. Good news today and maybe another one to come as NTV says.

[arthur_lame_stocks] 03/9/2018 06:42

I wouldn't buy property companies at the moment personally even if the discount to stated NAV looks attractive. I reckon the market may have some way to fall finally.

[ntv] 03/9/2018 06:29

Birmingham site sale has gone through so more cash in the bank.
Later this week (Thursday 6th)Sutton site is due for completion

[ntv] 01/9/2018 07:16

large line of stock gone through @325 (for PNS anyway) ahead of news next week as Birmingham site was due to complete on Friday 31st

[ntv] 26/8/2018 13:50

hopefully some good news in early September re sales

[ntv] 19/8/2018 19:27

ALS other prefs bought back a couple of years ago were at a premium so don't hold your breath

[arthur_lame_stocks] 19/8/2018 14:46

The prefs shouldn't really make much difference to NAV per share as presumably they would be redeemed at par but they do give the family complete control of the company.

I'm not sure the family have any real incentive to give up that control so I don't know if Perloff will ever be able to force out any of that value. None the less I recently bought a few CFYN just for the deep value.

[topvest] 19/8/2018 10:16

Thanks NTV - certainly an interesting situation. Yes, hadn't quite spotted the preference share point.
"Mr S G M Caffyn and Miss S J Caffyn are directors of Caffyn Family Holdings Limited which owns all of the 2,000,000 6% cumulative second preference shares which have full voting rights." Means they can fend off a predator.

Perloff has acquired motor dealership companies in the past though so he has form.
I suppose it depends on whether the Caffyn's are going to retire and want out or whether they have sons / daughters to take over. No doubt Perloff knows what he is getting into and there is a 5% yiled whilst he waits. Quite an attractive asset play as long as the vehicle dealerships don't start making losses.

Fully agree with you though. The motor dealerships are only really break-even at best, if you factor in a rental for the properties. The Group would probably make £3m or so of profit as a property company!