Panther Securities Share Discussion Threads

[energeticbacker] 16/10/2020 16:54

Interim results from Panther Securities are worth a read, if only for the “Chairman̵7;s Ramblings”.

The shares remain close to 11 year lows and Investor's Champion state they could offer decent recovery potential, although they are tough to buy.

[russman] 20/8/2020 19:02

Well Panther have seen many highs and lows over the years.
To date have traded their way forward successfully.

[debsdowner] 20/8/2020 15:12

HT

At one time some would like to live in town but not now. In a city it may be be more desirable but many other towns dingy as you say and rates will be higher in towns.

Its not as easy as some think conversions, if it was many old department store would have been converted years ago.

Online is the future as more and more people shop online as they cannot be bothered going from shop to shop and wasting time.

Panther has a shopping arcade from memory and that is a dead duck in todays environment, the small shopping malls dated and no one goes in them anymore.

The coronavirus just made things worse and if the virus gets worse more and more shops will go under.

[hennessy trades] 19/8/2020 07:34

I have traded in the real estate sector for years and rarely paid much attention to Panther as their shares were fairly illiquid but did pay good dividends. Now, with C19 that has changed. Market cap halved and with tertiary retail making up half or more of the portfolio it looks precarious. A lot of these shops will risk becoming no more than market stalls with no valuation being made on type of tenant who will not sign up to full repairing leases on aged buildings in poor locations. Sure there might be scope to convert to flats but at what cost. Asbestos, plumbing, electrics, insulation, and then end up with a dingy flat in a poor town. What capital margin will be left? As for the behemoth department stores, again only flats might be the future but at what cost? The big blocks may only be worth land value but when you deduct huge knocking down costs, again what's left? Is it still a high return rental play? How many of the tenants are paying rent and what level?

[debsdowner] 06/8/2020 13:05

I did warn a while ago this was a sell the company now lost half its market cap and the company has high debts.

NTV is correct changing some shops to flats is OK in theory but could be costly and could take years, some shops cannot be easily converted and cities and towns now lost their appeal.

Who wants to live in a town when they are looking drab?

[russman] 02/6/2020 10:37

Shopping is a community social experience.
whether there is any long term value in a shopping centre / high st is for the government to decide.

[ntv] 02/6/2020 08:31

The value I can see in these shopping centres is replacing them with flats
This is going to take time because people are being made unemployed so no private buyers
So these will have to be sold en bloc to housing associations and II's which may lead to one chunky transactions after planning
This crisis has finished off all but a small number shops

[debsdowner] 22/5/2020 16:51

If investors had have listened to me months ago they would have have sold out before the share price fell substantially.

The government to prevent councils buying shopping centers will mean more downward trend on valuations.

[russman] 18/5/2020 11:20

Retail valuations took a hit esp Beales.

[nickrl] 15/5/2020 20:56

Always worth a read of Chairman Perloffs ramble although on this occasion he gone well off song with his piece on his early courting days!

[speedsgh] 15/5/2020 12:31

Final results for the year ended 31 December 2019 -

[russman] 19/4/2020 20:20

Perloff is a trader. Might be some long term bargains.
Obviously problems affect current value & transaction pace.

[topvest] 18/4/2020 18:23

Yes, I reluctantly sold Panther a week or two back. They seem too exposed to retail and technological obsolescence. Will try and get back in again, when the dust settles, as I do like Perloff.

[nickrl] 17/4/2020 09:55

Today RNS doesn't give much away other than they've cobbled some extra cash together and want to pay a dividend. I suppose you can infer from the statement that they can survive 21mths something but they've got 12mths before main 60m loan expires and whilst banks are generous currently as its a suicide mission to be a forced seller currently will they still be that generous in 6-12mths.

Nought mentioned on rental collection % nor any reference to the Beales collapse.

[russman] 17/4/2020 08:55

The dividend signal was the positive for me.

[debsdowner] 16/4/2020 18:56

They will struggle to sell freeholds in the current market. One would have though they would have updated the market as many tenants wont be paying rent. The company has high borrowings and assets aren't worth their current value in a fire sale.

They have taken a double hit in buying Wayfarers Arcade most the tenants exited before before the lock-down and it was almost empty, the remaining tenants not enough to pay the interest rate bill and service charges.

[russman] 16/4/2020 18:28

UK Business Rates will need to be reviewed.
& vacancies may offer opportunities for redevelopment.

[trcml] 16/4/2020 16:47

Five ex-beales stores are on the market for sale freehold. Lowestoft (2), Beccles, Diss, Great Yarmouth

[nickrl] 29/3/2020 13:32

Despite the Beales collapse and the fact that most of it tenants must have had to shut up shop and look like they are in the camp 'we aint paying the rent' its share price has been quite resilient over the last month??

Trading at about 1/3rd of last NAV but looks like its always traded well below NAV. LTV of c30% at last valuation but heavy interest and swap costs are a drain.

Looks overpriced to me as unlikely to get a special dividend again or any dividend but then again with heavy family owning they want an income!

[debsdowner] 20/2/2020 09:53

Perloff has made a big mistake with the Purchase of Wayfarers' arcade it had two anchor tenants in Multiyork the smaller one which went but a while ago and now the main anchor tenant in Beales.

The arcade is already 75% empty with more stores set to close. The ones that are left will be wanting to close their units and the arcade will be empty Perloff bough a whie elephant he isn't as bright as some people make out.

There was an article in the Champion, the local press rag, which criticised Perlof blaming business rates, he said the rents were low and many didn't have to pay business rates.

But in fact the tenants hit out saying only 2 of the 30 plus units didn't have to pay business rates and Panther made up for his so called low rents by extortionate service charges.

The nan has showed himself up as a clown and set out to mislead the press and the public in relation to a previous press article he made prior to the one on Tuesday.

The closing on Beales will reduce yearly yields and rental costs will fall.



This is not the only shopping centre Panther bought.

The Pedlar family saw it coming 4 years ago the decline in footfall Panther bragging about the high yield on the Arcade and the prospects of more rents to come by filling up the empty units at the time gone up in a puff of smoke.

[topvest] 19/2/2020 21:09

All 23 now look to be closing!

[topvest] 07/2/2020 21:13

12/23 closing.

From what I can see Wisbech, Keighley, Spalding and Bournemouth are theirs and closing. There are at least 5 on the not yet closing list.
Some of the smaller ones could well get converted into something else like a discount store etc.
Bournemouth is really sad. Not sure what options there are other than to knock it down and re-develop. Good site, but could take a few years or a decade or so!
Anyway, I think it will be very interesting to see what Perloff does with all of these sites.

[debsdowner] 02/2/2020 14:25

Wayfarers Arcade almost empty now, and once Beales goes there will only be a few small units left. I estimate over 90% will have closed down. Multi York was the second anchor tenant and that went a while ago. They wont get replacement tenants when its almost deserted.

There wont be enough revenue to pay for the interest rates on £3 million of borrowings and the arcade needs maintaining.. The Pedlar family got out at the right time they had the good fortune to see where High Street footfall was going.

It seemed cheap at the time but a high yield was a warning of worse to come.

[topvest] 23/1/2020 21:15

Perloff knows what he is doing, that's for sure. It will be interesting to see what he does with the properties that are closing down. Remember that tertiary property is his game!

[debsdowner] 22/1/2020 15:58

Beales update:

THE END

Bad luck Perloff concentrate on the future not the past !