Panther Securities Share Discussion Threads

[russman] 19/4/2020 19:20

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

[topvest] 18/4/2020 17:23

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 08:55

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 07:55

The dividend signal was the positive for me.

[debsdowner] 16/4/2020 17:56

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 17:28

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

[trcml] 16/4/2020 15:47

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

[nickrl] 29/3/2020 12:32

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 !

[debsdowner] 22/1/2020 15:23

This is what Perloff said:

"The following figures exclude the Southport store: Beales pay approximately £800,000 per annum rent for the eleven stores owned by Panther, of which two trade at a loss and will be compromised in exactly the same manner as unconnected landlords to 30% of the current rental payable. This would cost the group approximately £200,000. However, Panther expects to be able to re-let the properties by the time they may become vacant in 10 months.

The Directors would remind shareholders that the Panther Group’s rental income is almost £13,000,000 per annum and they expect all of the freeholds that Beales continues to trade
2

from will have a better value following a successful CVA as a result of having a financially stronger tenant and thus Beales has Panther’s full support for its current proposals. "

If Beales cannot find a buyer then the stores will close and its unlikely they wold be re-let in the current climate.

What a blunder everyone and his dog knows arcades are of the past and finished.

Perloff would do far better concentrating on business rather than his stupid ramblings!

[debsdowner] 22/1/2020 15:11

Wayfarers Arcade in Southport which Panther bough for over £4 million getting more and more deserted and Beales the anchor tenant.

Beales hasn't found a buyer they have increased their borrowings last year to over £17 million and and lost over £3 million last year to end of March. The current year bound to be worse Beales is a dead duck!

Its now in administration and I cannot see how it will survive and Wayfarers arcade been a bad blunder of a purchase.



If Beales closes in Southport then the rest of the tenants will not want to stay some more are ready to close shop.

[russman] 15/1/2020 08:24

A trading update would be welcome.

[topvest] 14/1/2020 20:51

Let's hope not as it would be suicidal. Department stores are close to the end game. We are all hoping that Perloff had a master plan for these properties, that assumed that! Hopefully, a number of the stores can be sub-divided and sub-let. Bournemouth Beales may limp on for a year or two if we are lucky.

[ntv] 14/1/2020 17:30

Surprising to see the share price holding up so well after the Beales news considering they must be Beales largest landlord
Perhaps Mr Perloff is back in the running to repurchase the firm along with a venture fund

[onceatrader] 12/1/2020 15:39

papers’ share tipsters picked for 2020

[topvest] 12/1/2020 14:16

It looks like the inevitable is about to happen..

[ntv] 05/9/2019 20:02

There must be a trading update soon or maybe they should have one for the hell of it !!

[topvest] 05/9/2019 19:30

Bound to be a good read next time we get a Perloff Brexit ramble...one to look forward to. He's nearly as entertaining as Boris!

[ntv] 05/9/2019 15:10

got some more dividend yesterday

[russman] 04/9/2019 05:50

Still think Panther should try some options to improve share liquidity.