Panther Securities Share Discussion Threads

[ntv] 21/8/2014 11:07

wimbledon property adds about £5m to valuation based on new valuation at 8% yield minus costs so that about 40p to nett assets

[ntv] 21/8/2014 11:05

thats beale btw

[ntv] 21/8/2014 11:03

pension fund in positive balance
surplus now covers finance costs

[topvest] 19/8/2014 16:25

Agreed - no chance of Beales turning a profit anytime soon, if ever!

[ganthorpe] 19/8/2014 12:04

Can't see Perloff agreeing to an equity fund raising as he doesn't want to put in more money or see himself diluted. Nor do I see extra borrowings on the properties Beale own as the lenders would want to rank in front of Panther's prefs.
As for Beale returning to an investable level of profit , I just don't see it , I think the local dept store game is played out. I ran some years ago and sold out.
GAN

[ntv] 18/8/2014 12:59

if beale returns to profit it maybe able to go to the bank to borrow the money to pay off the prefs. if i remember correctly are at 8%. halving finances costs for instance with some form of equity raising excise as well could make it an interesting investment as well. shame it has climbed northwards so quickly

[topvest] 17/8/2014 20:08

Yes, a Good deal albeit they have lost some money on the equity investment into the operating company. Perloff always seems to leave himself a margin of safety on his investments. Be interesting it see whether that's the case on Beales.

[ganthorpe] 13/8/2014 16:36

The announcement re Wimbledon Studios looks an excellent deal for Panther , with a £1m year rental on an original cost of about £5 just over 3 years ago.On say a 7% yield basis the revaluation could be about £14M , even allowing for previous and required spending of say £1m it still looks good with a sound tenant.
Now need to sort out the Beale situation and all systems go.
GAN

[ganthorpe] 29/7/2014 16:32

It looks like Andrew Perloff is negotiating to sell Wimbledon Studios over the head of Reed who is operating there at present. Since his activity looks like a busted flush I am not surprised Perloff is doing that. There has to be much doubt that Reed can raise the money to satisfy Panther.Seems like good sense to me as a Panther shareholder.

[ganthorpe] 23/7/2014 18:49

Looks like Beale have a deal in mind which would not include Panther , which I can't see them pulling off without them ( Burdale involved? ).
I think maybe they don't like the prefs deal with PNS which financed stock at the old Coops as they have to repay the amount in each store when they close it , and probably the proceeds of the stock clearance is much less than the repayments due.
Throwing the toys out of the pram and monkeys and organ grinder come to mind.
Fascinating!

[topvest] 22/7/2014 14:59

Yes, absolutely. Always worth a read and often amusing. Today's was one of his best.

[hybrasil] 22/7/2014 11:56

He has to be the best at corporate statement. I look forward to his annual statement. What a breath of fresh air in the turgid world of RNS's!!!

[topvest] 22/7/2014 08:43

What a classic RNS:



Fantastic...Perloff at his best!

[ntv] 21/4/2014 13:56

the land in Wimbledon should be worth a fair few million. I wonder what the cost was?

[topvest] 27/1/2014 21:16

Unless he is at the table on the way forward - never can tell with Perloff. Have to wait and see.

[hybrasil] 27/1/2014 10:10

How unlike Mr Perloff. As Skyship has pointed out he invested in albermarle- looks like he didnt win that one.

[topvest] 28/12/2013 13:06

Yes, it is a concern. However, I do think Perloff knows something we don't - I'd be surprised if he takes a big hit as the current outcome was fairly predictable on day 1. I was very surprised by the Beale deals at the time and so there must be a positive angle somewhere or Perloff wouldn't have taken the risk. He also owns 30% of Beale.

Always prepare to be surprised on Perloff - a good example is 012 Estates; Perloff didn't lose money I believe, whereas pretty much everyone else (including myself) did!

[ganthorpe] 28/12/2013 12:44

Reading between the lines Wimbledon has not built up as hoped and out of date kit is being blamed and PNS are not putting up any more money.Presumably PNS are hoping that someone will take it off their hands , otherwise they will have to see the tenants out and redevelop the site , which might be a more profitable outcome.
I am a bit worried about the large exposure to the Beale/COOP situation as retail sources indicate that trading in the former coop stores is very weak and may end up in closures rather than realistic rents. Again I am sure that PNS looked at the redevelopment potential before going in , but if several go at once it could be a big problem to deal with. Since we have seen little income so far , it would be a case of income deferred rather than a loss of revenue.
I may be way off beam , but in any case I am not a seller.
It's all about risk and Andrew Perloff knows it all in property.
GAN

[skyship] 07/12/2013 16:04

Hi Hybrasil - are you still around perhaps..

Dropped in here after noticing that Perloff has bought 800k ABM @ 15p - not one to waste his hard earned, so perhaps he sniffs a good deal.

All very interesting.

Incidentally, what happened to The Wimbledon Studios - have they gone into Administration or some such?

=====================
Para from recent IMS:
"It has, however, become quite clear that any potential investors considering
investing in the upgrade of the studios would wish to own the freehold. The
property, which is owned by Panther, has over 200,000 sq. ft of studio/office/
leisure space on a site of 4.25 acres. Panther has therefore agreed with
Wimbledon Studios that it would be prepared to sell the freehold or grant an
option to a suitable studio purchaser who invests in the studios and assists
the management buyout."
=====================

[hybrasil] 07/11/2013 16:54

Pity about the studios

[topvest] 28/8/2013 21:33

Interim results looked pretty good today. Perloff's ramblings are as entertaining as ever - thanks to Mr P. for bringing some humour and great comment to the listed property scene...if only others were as insightful. His ramblings always make me smile!

[topvest] 04/5/2013 21:24

Annual Report out - Perloff as interesting as ever...turned to UKIP as well which really doesn't bode well for the Conservative Party if long term supporters such as him are defecting. Results look ok, but should improve this year as the various lease incentives come to an end. I'm still a bit nervous about the exposure to Beale PLC, but I suspect Perloff has seen a smart angle on this that others haven't. Lets face it Perloff even seemed to make a decent profit on O12 Estates - he knows how to pick up a bargain!

[topvest] 05/12/2012 12:27

I disagree with you - lots of American companies are set up in this way. A witch hunt just drives these companies away. We should be open for business in the UK, with minimal corporate tax rates so we attract more companies that employ more people and pay NIC and PAYE etc.

[jeffian] 05/12/2012 09:21

Aye, and not only small coffee shops, but ANY shops which are UK domiciled, hence my Marks & Spencer analogy. I recently sold some stuff on ebay for the first time. I'm British, living in the UK, selling British goods to another Brit living in the UK and the fees were charged by..........eBay Europe Sarl (based in Luxembourg). What's that all about? (I think we know).