Panther Securities Share Discussion Threads

[tradermel] 19/1/2016 07:15

What a bizarre RNS

[ganthorpe] 12/11/2015 09:06

I agree that Andrew Perloff is an interesting read , which I always enjoy.

I would have liked to see a note about what his strategy is in tripling the Interim Dividend.It is hard to see a reason for it although it is giving us 6p a share extra cash six months early .
At the risk of being accused of counting the teeth of the "gift horse" , it would be good to know what it is all about.

1) We may get another 9P final - great but prob not?
2) We will get a 3p final and never find out? good chance
3) We get a 4P final and still none the wiser.
4) They flog off some of the recent buys and make a special distribution - sent by the tooth fairy. Not sure who would want the old Co-op stores as they are.
5) Andrew Perloff needed some extra cash after buying Beale PLC so trebled the divi

[glassboy] 18/9/2015 13:33

I imagine the 9p interim and 3p final is simply tax avoidance on the new dividend tax regime from April 2016. Less strategy, more tactics.

I doubt we've seen the endgame on Beale, a skilled asset strip in progress.

Hope to see the silly mark-to-market on the derivative disappear from the balance sheet over the next few years as interest rates rise and term shortens.

Gb

[ganthorpe] 18/9/2015 11:31

Yes . Have to agree this is probably the time to sell some of the properties bought in the 3/5 year ago spree when prices were much lower.
I wonder what the strategy is behind the tripling of the Interim dividend? Can it be a precursor to a sale? I don't see the scope for much of an increase above 3P in the promised final dividend unless there are going to be some biggish disposals in the next few months.
I 've been round a few Beales stores recently and don't see much of a change , so it looks like we will see a steady rate of closures and redevelopments from there in future years. Panther no longer hold any Beale shares but stand to lose rental income if Beales get into more trouble.
Anyway the increased dividend has given the shares a welcome boost.
GAN

[topvest] 11/8/2015 09:55

Think he likes running a PLC and I trust him to do the right thing as he has enough money. If he took it private, he would have no audience for his highly amusing ramblings that we all enjoy (excluding any left wing holders no doubt)! Just think it's time in the cycle that we started getting some good news here. No good news, means he must have lost some of his touch in recent years as now is the time for big profits in the real estate sector particularly when the investments were made a few years back.

[ntv] 11/8/2015 09:46

see web site for properties under offer
surprised he has never taken it private

[ntv] 11/8/2015 09:45

couple of properties under offer might have been the news
not going with common sense on interest rates causes this to be poorly performing because of high interest charges eat away at rental income
selling off assets will with residential planning permission will help profits but more slowly than rest of the sector
a couple of big deals could change things
less expenses will help
worth holding for chairmans rambling in reports!!!!!

[topvest] 10/8/2015 15:07

Thanks anyway. Hoping that the wider regional property recovery will finally impact the Panther tertiary portfolio. To be honest, Perloff has had a very very disappointing 5 years. You almost wonder whether he has lost his touch a bit, through digging deaper holes on Beales and other distressed assets. Lets hope we get some meaningful good news in 2015.

[ganthorpe] 10/8/2015 08:36

What a 2000 share buy can do!
Shares are marked up 15P after a £7000 splurge in Panther shares.
Maybe we have found the magic formula to get the price moving up.
Or maybe not?

[jonwig] 09/5/2015 13:45

Yes, I tried to buy in volume straight after the results but was told only one MM and price quote was only for 1,125 shares, which wasn't worth it.

They had a 'good' financial crisis (08-11) and the rates swap is, I think, irrelevant. Except it should deter them taking it private, as that would probably crystallise the loss. But when P retires and son takes over (?) maybe he has different ideas - and the swaps could go into profit quickly with a rates rise.

[topvest] 09/5/2015 13:19

Well Perloff's ramblings as interesting as ever; Page 3 girls and politicians feature this time around. My thoughts on Panther as it currently stands:
- 10 year performance has been flat - actually very disappointing reflecting too much tertiary exposure.
- Looks like some of the development opportunities are finally moving forward which could crystallize some gains in the next year or two.
- Wimbledon Studio's looks like it has finally come good, but again they invested too much on a loss making venture.
- Beale's is still a concern - exactly what is going to happen to this company under Portnards ownership and how will that impact Panther? I suspect the stores will gradually be released to external parties, but watching with interest.
- MRG Systems is up for sale and profitable - should be worth £0.5m or so.
- 24 year interest rate swap at 5% still costly, but likely to improve (certainly can't get much worse!)
Overall, I'm positive - with a Conservative Government for another 5 years and an improving property market then some of the regional property development schemes can be turned at a profit and reinvested in income producing properties. All subject to Beale's working out I suppose.

[topvest] 19/1/2015 20:17

Yes, all very interesting. Not 100% sure how it impacts Panther as the offer is through Portnard which is Perloff's pension vehicle I believe. Looks to me like Perloff threatened to pull the plug unless his 6p offer was recommended. It will be extremely interesting to see how Perloff restructures / asset strips Beale. Interesting times indeed.

[ntv] 21/8/2014 10:07

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 10:05

thats beale btw

[ntv] 21/8/2014 10:03

pension fund in positive balance
surplus now covers finance costs

[topvest] 19/8/2014 15:25

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

[ganthorpe] 19/8/2014 11:04

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 11:59

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 19:08

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 15:36

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 15:32

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 17:49

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 13:59

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