Panther Securities Share Discussion Threads

[trcml] 05/12/2018 17:52

The Dumfries Debenhams investment has been offered for sale twice in recent years. In May 2017, Allsop was marketing the heritable (freehold) interest at offers in excess of £4,400,000. In July 2018, Acuitus auctioneers were offering it at disclosed reserve not to exceed £2.5M. I've not seen the legal pack but the auction particulars state the tenant is Debenhams Properties Ltd.

According to its accounts, DPL hold the majority of Debenhams Retail leases in the Debenhams UK portfolio. If Debenhams close this branch then DPL would still be liable for the rent etc but how long DPL could afford to pay depends upon its other commitments.

I guess Panther bought it because the yield surely offers the potential for something or other. The EPC rating is E - in other words almost dire!

[ntv] 05/12/2018 07:36

interesting purchases
these large stores seem cheap and I guess the "alternative uses are" way to value them
I get the feeling that a lot of theses old department stores will get converted into flats at some time in the future
I like the special dividends that are now becoming very regular
I wondered why someone was sitting in auction bidding @350

[topvest] 25/10/2018 19:09

Good news for Mr Perloff and Panther I think. I wonder if Perloff had bitten off a little more then he could chew with this?

[jeff h] 25/10/2018 11:25

The Times reports Beales sold in a buyout.

[topvest] 15/10/2018 21:06

Yes, you maybe correct. Department stores are not the asset of choice, that's for sure. See that SEARS has filed for bankruptcy protection in the US today. Debenhams are probably next in the UK. Think Sports Direct have made a big misjudgement trying to bring HoF back from the dead as well. It will be like pushing water uphill.

[debsdowner] 15/10/2018 07:51

Beales been positive for years but not made a bit of difference, its got too borrowings now as the global economy slowing, Perloff is going to take a hit on his private company.

[topvest] 13/10/2018 21:24

Yes, results weren't great. I saw those. The outlook was fairly positive though, but I'd be surprised if it ends up being a success. Department stores are on the way out. I'm struggling to see the angle on Beales as the property is very run-down and is unlikely to be re-let if Beales does close. Maybe its got redevelopment potential?

[debsdowner] 13/10/2018 20:18

Perloff not doing well on his purchase of Beales last week results out loss of over £1 million.

Lord St properties revenue falling, results out last week.

Beales has bank loans of £16 million increasing all the time, Perloff not as clued up as some think, Beales not in a good place at the moment a bad Christmas and its could be the end.

[ntv] 09/10/2018 08:54

10k buy order in auction
that is unusual for this stock

[ntv] 26/9/2018 08:32

I don't understand the Movement in derivative financial liabilities
could anyone explain this
TIA

[ntv] 26/9/2018 08:06

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 12:57

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 12:38

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 12:11

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 18:47

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 17:16

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 08:43

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 07:47

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 07:30

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 16:46

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 07:26

Post Brexit vote low was 290 mid I think

[ntv] 08/9/2018 07:26

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 19:16

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

[ntv] 07/9/2018 19:09

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

[topvest] 07/9/2018 18:43

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?