Panther Securities Final Results

 
TIDMPNS 
 
Prior to publication, the information contained within this announcement was 
deemed by the Company to constitute inside information as stipulated under the 
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of 
this announcement, this information is now considered to be in the public 
domain. 
 
                           Panther Securities P.L.C. 
                        ("the Company" or "the Group") 
 
               Final results for the year ended 31 December 2019 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present our accounts for the year ended 31 December 2019 even 
though they show a loss of GBP4,093,000 after allowing for a tax credit of GBP 
870,000.  This loss is mainly due to a directors' revaluation of our entire 
portfolio amounting to an GBP8,832,000 decrease in value. 
 
Our rental receivable during the year ended 31 December 2019 amounted to GBP 
14,226,000 compared to the previous year of GBP13,607,000 despite having sold 
over GBP40,000,000 of property during the previous year.  The income lost from 
these sold properties has more than been replaced by purchases probably costing 
less than half the capital received from the earlier sales. 
 
Disposals 
 
Victoria Street, Wolverhampton 
 
This freehold corner site which had been cleared after receiving planning 
permissions for two alternative developments was sold for GBP710,000 against a 
previous book value of GBP150,000. 
 
Skinnergate, Darlington 
 
A large, vacant freehold shop in Skinnergate, Darlington, with a book value of 
GBP400,000, was sold to the local council for GBP355,000 after being vacated by 
Argos PLC following their takeover and reorganisation by Sainsbury's.  This 
property was on the point of being let to a well-known multiple who withdrew a 
few days before signing the lease.  This was due to House of Fraser and Marks & 
Spencer both announcing they were closing their stores in the town only the 
previous week.  Large stores are, of course, vital to town centres as they draw 
in shoppers thus helping all town centre traders, large and small.  I am not 
sure central government even now understand this point. 
 
High Street, Kings Lynn 
 
Whilst not really a disposal, this single unit, let to a charity shop, 
experienced a fire that completely destroyed the unit.  We received insurance 
proceeds of which GBP145,000 has been treated as value over its book value, after 
we have provided about a third of the receipts to cover demolition and site 
clearance (and left a small amount within Investment Properties to account for 
the land value). 
 
Acquisitions 
 
New Century and Jackson House, Gateshead 
 
In July 2019 we completed on the freehold purchase of New Century and Jackson 
House in Gateshead for GBP4.65m.  This is a large block containing a mix of 
retail, offices and leisure with a net internal area of 91,663 sq. ft. located 
in the centre of Gateshead directly opposite the metro station and 
approximately a mile from Newcastle City Centre.  The block is anchored by Pure 
Gym on a long lease, with J D Wetherspoon, Argos and Peacocks being some of the 
other well-known tenants.  At the date of acquisition, the block was producing 
an income of GBP790,000 per annum showing a return of 17.0% prior to costs. 
There are various asset management opportunities to improve the income by 
letting some vacant space. 
 
De Clare Business Park, Pontygwindy Road, Caerphilly 
 
On 4 September 2019 we completed the freehold acquisition of De Clare Business 
Park, Caerphilly, South Wales for GBP2.7m.  This business park is made up of four 
independent modern office buildings with the majority of the offices let to the 
government and local council. In total there is circa 48,241 sq. ft. of office 
space with parking for 163 vehicles.  With a current rent roll of GBP376,000 per 
annum, this represents a return of 13.9% and adds non-retail diversification to 
our portfolio.  There is some vacant space available and we may be able to 
increase the rents, 
 
enhancing the scheme's value under our own management.  During the acquisition 
process we were able to agree terms for a letting of one of the vacant suites 
at a higher rent per square foot than had previously been expected. 
 
Beales 
 
In last year's accounts I mentioned my private company had, in October 2018, 
disposed of its interest in Beales's trading operations to its management who 
were able to arrange additional finance from a private equity company with 
extensive retail connections and experience. 
 
I took this decision as I felt Beales had a much better chance of survival as 
the management buyout was supported by a fund with deeper pockets and wider 
retail connections than my own.  However, central government actions, and 
inactions, and shrinking markets overwhelmed department store groups' ability 
to produce a profit thus many CVAs, administrations and store closures in the 
retail sector have been occurring. 
 
Beales was placed in administration on 20 January 2020.  We received a number 
of questions from concerned shareholders and stakeholders regarding the effect 
on the Panther Group.  On 27 January 2020 we announced that in a worst case 
scenario if trading ceased in all thirteen of their stores owned by the Panther 
Group there should not be a material effect on our current year's revenue or 
long term effect on the freehold values of the properties they occupied. 
 
Recently it was announced that practically all their stores would close due to 
the severe deterioration in the trading climate caused by the COVID-19 
pandemic. 
 
The Panther Group owns Beales stores in Peterborough, Mansfield, Great 
Yarmouth, two in Lowestoft, Skegness, St Neots, Spalding, Wisbech, Beccles, 
Diss, Keighley, Bishop Auckland and Perth.  These properties are all freehold 
in town centre positions, mostly large in size, in different degrees of 
primeness of position and desirability. 
 
The total gross floor area of these buildings is about 750,000 sq. ft. and the 
rental income lost from Beales' tenancies was about GBP887,000 per annum. 
However, we should receive directly in a full year, rents or profits from three 
car parks of circa GBP200,000 per annum plus the ability to create three further 
small car parks maybe worth between GBP50-GBP60,000 per annum. 
 
A number of the stores have exciting redevelopment possibilities which we are 
currently exploring.  Many are eminently splittable to smaller units thus 
opening up the possibility of a much wider range of users. 
 
Many people would consider this a disaster and in many respects it is.  When a 
large enterprise that has been trading for over 130 years fails, especially if 
within a town's central shopping area or heart, it has several implications. 
It is bad for the town, upsetting for the multi-generational families of 
customers, financially disrupting and dispiriting for many hundreds of long 
term, loyal and knowledgeable employees and also seriously financially 
inconveniences thousands of reliable suppliers and concession occupiers. 
 
I am very saddened by these circumstances, more so in the knowledge that 
another of the most vital of the high street's failing retail groups could have 
been saved if central government had been less rapacious in their financial 
demands and burdens on a struggling sector. 
 
However, I see this group of properties coming back into our fold as an 
opportunity for our team, using their experience and asset management skills, 
to formulate and promote new and more relevant uses for these properties.  We 
believe this will in due course produce a much greater income and capital value 
for our group. 
 
I have mentioned at length the Beales situation as the publicity is substantial 
but shareholders should be aware it represents only about 6% of our income and 
less than 10% of our group's assets and I believe have prospects of substantial 
appreciation when business activity recovers from its present problems. 
 
Because it will involve considerable extra work and attention by our team this 
coming year, I have put their photos, roles and length of service with us in 
the accounts so that shareholders can see that our Group is a skilled team. 
 
Developments 
 
High Street, Broadstairs 
 
We have commenced the development of a mini market (a pre-let has been agreed 
to a national convenience operator) which will have twelve flats on three 
floors above.  We anticipate we will let the flat units and retain the 
completed development as an investment.  This development is expected to be 
completed towards the end of this year. 
 
Newgate Street, Bishop Auckland 
 
Planning permission has been obtained for partial demolition and conversion of 
this former listed Beales store as three ground floor commercial units with 
flexible A1/A3 use and either a 62 bedroom hotel or 27 apartments above.  It is 
currently being marketed to see if there is possible interest from a hotel 
operator. 
 
Barry Parade, London, SE22 
 
This property has committee approval for redevelopment as a 5,400 sq ft retail/ 
commercial space which could probably be pre-let before a development commences 
and also thirteen residential apartments in the upper part, four of these units 
must be affordable.  This approval is still subject to agreeing the Section 106 
requirements which are quite extensive, expensive and still under negotiation. 
 
This planning application is shown as being submitted in July 2018.  This is 
not quite the case.  In December 2013 we asked our architects to discuss with 
planners whether a redevelopment of this site would be favourably considered. 
They were told the council would be pleased to see this site redeveloped 
because it was currently both unattractive and inappropriate for the area.  We 
asked our architects to produce a brief outline of an attractive scheme that 
would create best value for the site and submit it for a pre-application 
response.  It took five months to receive the pre-application written response 
after about a three month delay for the initial meeting entirely caused by the 
council. 
 

We eventually submitted our planning application at the beginning of July 2015 
after numerous reports and changes required by the council, mainly reducing the 
height and size of the scheme also reducing down to nine large, luxury units, 
the limit before you had to provide social housing on site. 
 
On 29 September 2015 the planners asked us to withdraw our application as they 
disliked the large luxury flats and there were many objections to the potential 
tenant being a Co-op minimarket.  We understood a Waitrose probably would have 
had less objections! 
 
The scheme was redrafted taking account of most of the planners' suggestions 
and also providing the additional supporting reports required.  The new 
application was submitted in August 2016.  The council then refused to accept 
the application mentioning new requirements coming into force in 2017. 
 
A further pre app was necessary at which point the council raised further 
revisions and requested additional plans, reports and surveys.  The new 
application was eventually submitted in July 2018. 
 
Committee approval was given subject to agreeing the Section 106 payments etc 
at a committee meeting held on 29 January 2020.  It will take about 18 months 
to two years to develop ready for occupation.  We will probably retain the 
freehold and the commercial element as an investment and sell the residential 
units on long leases when the development is completed.  The history of this 
property is particularly interesting to me as an original investment held since 
my father purchased the freehold for GBP7,000 in 1950 and I have been dealing 
with it since 1966, thus I felt it warrants a supplementary rambling to itself. 
 
Financial Derivative 
 
The liability on our interest rate swaps has risen slightly due to the market's 
perception of future interest rates falling.  However, on 1 December 2021 our 
interest payable will, assuming our margin does not change on renewal, reduce 
by about GBP625,000 per annum as one of the older swaps ceases. 
 
Finance 
 
As at 31 December 2019, the Group were utilising GBP60 million of our GBP74 million 
facility and also had a GBP9,485,000 cash balance available. 
 
Dividends 
 
We have paid uninterrupted dividends for thirty seven years through good times 
and occasional downturns and I see no reason to change this policy.  I am well 
aware that our shareholders appreciate the reliability of receiving dividends. 
The back of the accounts shows an abbreviated schedule of the Group's progress 
since its takeover by my group of investors in 1972. 
 
The Directors are thus recommending a final dividend for the year ended 31 
December 2019 of 6p per share.  This will be payable on 7 September 2020 to 
shareholders on the register at the close of business on 7 August 2020 
(ex-dividend on 6 August 2020). 
 
Prospects 
 
For once I find this difficult to predict for despite many years of cautionary 
and profitable investing, and minor development of properties in our ownership 
we have always been careful 
 
to manage our risk profile.  We are currently in unknown territory due to a 
pandemic virus attack affecting the entire population and the economy. 
 
The government are taking all steps that they feel necessary to bring under 
control this major health and economic hazard that could fatally affect much of 
our population. 
 
These measures may create as little as three months' disruption but maybe much 
more.  The forced closure of many businesses will cause hardship all the way 
down the line. 
 
The Chancellor has unveiled a huge assortment of assistance to help the entire 
economy and congratulations are in order for the speed with which they have 
unveiled these measures. 
 
Of course, as usual, the property industry has been completely overlooked 
whereas a vast number of other businesses have a one year business rates 
holiday.  Now that it is illegal to trade from many of these premises they have 
no rental value and even if possible to re-let, it needs a long timescale and 
generous incentives to do so. Should a qualifying business such as a retailer 
or leisure operator exit the premises, then somehow the freehold owner would 
then have to pay full rates with no income!  Vacant rates were a ridiculous 
imposition even before COVID-19 came along. 
 
When a tenant, however successful, faces temporary financial problems, their 
first port of call for help is their landlord as usually they get a quick and 
helpful response whilst governments take much longer to help and often with 
small print in the financial offer that excludes many. 
 
I am hoping and expecting that this pandemic will not be quite as bad as some 
doom-mongers predict and within 6 to 9 months we will be back to a normal free 
enterprise system. 
 
With this thought in place, whilst this situation may be temporarily testing to 
our Group, we may recover strongly once the health of our nation and our 
economy is back to normal. 
 
However, I can confirm that we have enough financial resources, and with 
supportive lenders, do not see any issue to prevent us surviving for more than 
double the length of even the most pessimistic predictions.  Further as already 
announced we estimate that approximately 41% of our rental income comes from 
businesses that have not been forced to close or been recommended to close 
under government guidelines. The annual income from these businesses is 
approximately GBP5.6m and would be enough to cover our interest obligations to 
our lenders of approximately GBP4.1m and most of our overheads. 
 
Finally, I would like to thank our small but dedicated team of staff, growing 
team of financial advisers, legal advisers, agents and accountants for all 
their hard work during the past year, which has been extremely busy and 
promises to be even more demanding for the current year than usual.  Special 
thanks and good wishes are extended to our tenants and I hope they are able to 
overcome the present troubled environment and make a full recovery when 
business is back to normal. 
 
Andrew S Perloff 
CHAIRMAN 
 
14 May 2020 
 
                           CHAIRMAN'S RAMBLINGS 
 
Regular readers of my ramblings will be aware of the special place Margate 
holds in my heart.  It was there in the 50s that my parents had owned The White 
Hart, a seafront pub/hotel which they also ran, helped by their press ganged 
children.  Indeed, in those halcyon summer days of perpetual sunshine and no 
health and safety laws, we were so small we had to stand on boxes to serve the 
endless throng of thirsty customers. 
 
It was unsurprising therefore that when I was finally old enough to be allowed 
to take my first parent free holiday, it was to Margate I headed with two of my 
friends. 
 
I was eighteen years old and had been working for less than a year when we set 
off for our 10-day summer holiday.  The excitement!  The world was our oyster 
(though not in the case of one friend who was strictly kosher).  Our 
destination was a large old double building converted to a Kosher boarding 
house - one hundred yards from the beach, close to the town centre and 
Dreamland amusement park.  A perfect position for young men ready to enjoy 
their first taste of freedom away from loving but watchful parents.  We had a 
wonderful time, either on the beach or in local coffee bars depending on the 
weather, with the local dance clubs luring us townwards in the evening.  We 
made friends with other young men and women and alcohol which necessitated one 
of our party (the strictly kosher one) being carried back to the boarding house 
nearly every night by me. 
 
It was a long time ago and although most events have dimmed into a vague but 
happy blur of memories, one incident stands out in sharp focus.  It was yet 
another beautiful, sunny day and we were in a nearby coffee bar, which was one 
of our favourite haunts in a grand but faded glory Victorian hotel facing the 
seafront.  It was a very popular meeting spot, probably the Starbucks of its 
day, and we soon came to know its habitués.  We became friendly with a group of 
young men who, although dressed menacingly in black leather jackets, were 
really rather friendly.  They obviously liked to imagine they were the Margate 
chapter of the notorious Californian Hell's Angels and seemed immensely proud 
of their large and gleaming motorbikes which were parked outside in a neat 
line. 
 
The apparent leader of the pack was a self-styled Marlon Brando and we soon 
became pals.  He surprised me one day when he offered to take me for a spin on 
the back of his bike.  Excited and certainly unthinking, I immediately agreed, 
mounted the bike (helmetless) and, with a mighty rumble, off we went. 
 
He followed the road which ran alongside the seafront through Cliftonville, 
past open spaces, down Northdown Road into Margate, round the clock tower, past 
Dreamland and the train station all at a comfortable pace.  We then turned back 
towards our coffee bar.  I heard 'Marlon' shout "hold tight" and then his bike 
sped up from probably 20-25 mph to at least the speed of light or maybe 80-90 
mph.  I grasped tightly round his waist whilst Margate harbour, the pier, 
seafront, and indeed my short life, all flashed past me!  I was petrified and 
even more frightening was cornering.  The correct way, as any biker worth his 
salt, will tell you is to lean into a bend.  Alarmed, I leant the opposite way 
which apparently it was exactly not what to do.  Although the terror seemed 
never ending I doubt if we travelled for more than two minutes at this speed. 
 
Needless to say I have never ridden, sat on or been a pillion passenger on a 
motorbike since that date! 
 
It was only after some years of mature reflection that I realised I had given 
'Marlon' absolute control of my safety and my life for the 10 minutes I was his 
pillion passenger.  My life, my future, my hitherto unbroken bones and many 
years' yet to be written Chairman's Ramblings were all in his hands! 
 
Alive and undamaged I returned home shortly afterwards, having had a wonderful 
holiday and was soon back to my usual routine. 
 

Another place we regularly visited and which also still holds special memories 
was near my home in Sutton, Box Hill, a National Trust beauty spot and at over 
700 ft high is one of the largest hills in Surrey.  At the base of the hill was 
a historic and still old-fashioned hostelry.  This may have had a greater 
attraction than the natural, rustic beauty of the place as for the small fee of 
5/- per person allowed you entrance to the hotel grounds where you could use 
their open air pool and other facilities. 
 
On one lazy summer Sunday I drove there with my father.  While I swam, he sat 
poolside on a wooden bench watching the activities. 
 
As I swam I noticed with great interest a young and very attractive girl emerge 
from the changing rooms.  She looked like a young Bridget Bardot and whilst I 
was frantically thinking how to get to know her, she walked past my father, put 
her towel on his bench, sat down beside him and shortly began talking to him. 
Opportunity should be my middle name!  I jumped - yes jumped - out of the pool 
and joined them. 
 
Within a few minutes I suggested we should go for a swim and she agreed. 
Rising elegantly from the bench she dived in and swam underwater the length of 
the pool with the grace of Esther Williams.  When she surfaced she waved and 
shouted "Come on in".  It was impossible to refuse the call of this Lorelei of 
the Lido so I then instantly dived in, thinking I looked like one of Esther's 
film partners, Johnny Weissmuller of Tarzan fame, but I was probably more like 
Norman Wisdom in 'Trouble in Store'! 
 
We swam and chatted in the pool for quite a while and conversation eventually 
turned to work.  When she asked what I did I told her I was an estate agent. 
'Then you must drive" she replied.  "Do you have your own car?".  I told her 
proudly that I was the owner of a pale blue mini FXV 512 which was in the car 
park.  She told me she was allowed to drive her mother's car, a Morris Minor, 
but coincidentally her favourite car which she was desperate to buy was a Mini 
as soon as she saved enough money.  "Perhaps you would let me drive your car a 
bit to practice in a Mini?".  I instantly agreed.  Hill starts and reversing 
around corners were far from my mind but the thought of being alone with her 
for half an hour in the car park or country lanes of Surrey was extremely 
tempting.  We hardly dried ourselves, dressing over our still damp costumes. 
 
We walked out to the large car park and I helped her into the car.  Before she 
turned the key to start the engine, I held her hand on the gear stick and 
guided her through the five forward gears and one reverse gear which was 
difficult to find.  I can still remember the electric shock of excitement as I 
held her hand.  She hitched her dress up, straightened her back, grasped the 
steering wheel and started the engine.  She put it into first gear and drove 
round the car park slowly going through the lower gears. 
 
She turned to me, smiled and sweetly said "I've got the hang of it now.  Can I 
drive for a while on the roads?  I'll drive very, very carefully?".  With those 
country lanes in mind I readily agreed.  She drove slowly up to the car park 
exit then joined the road. 
 
WHOOSH!!! the G force threw me back in the seat and she rushed through first, 
second and third gears in less than 10 seconds flat!  "Be careful of the gears" 
I shouted pointlessly over the roar of the engine.  She sat up straighter, 
clasped the wheel tighter and with a fixed stare proceeded to race as fast as 
the car would go.  The main roads luckily had little traffic and she cornered a 
roundabout or two on two wheels, leaning the right way was the last thing on my 
mind.  My various entreaties of "Be careful.... slow down a little........you will 
ruin my engine.......we don't want an accident.....it's a small car" fell on deaf 
ears.  Finally I pleaded we must return as my father would be waiting and may 
worry. 
 
She drove me round the outskirts of Epsom and Dorking for over twenty minutes, 
her peaches and cream complexion became flushed red with excitement and 
exhilaration.  Mine was also flushed but from fear!  However, we got back in 
one piece. 
 
Upon our return we quickly dived back into the pool but the camaraderie and 
ardour for each other had dimmed.  Although we exchanged phone numbers we never 
saw each other again.  I suspect she thought I was a wimp and despite her 
obvious attractions, I had no wish to join this nifty, nubile nymphet on her 
inevitable early journey to the hereafter but I do hope she survived to live a 
full and long life.  Maybe someone of Lewis Hamilton's ilk is her grandson 
having inherited her superb racing genes! 
 
When I recall this short but exciting experience I once again realise, even if 
it were for only 20 minutes, I had yet again given someone else full control 
over my safety and life. 
 
Control is an interesting word, especially in business situations. 
 
Some years after these long forgotten events my business partners and I were 
becoming more successful in the property business and I became increasingly 
interested in corporate takeovers having completed my contested takeover of 
Levers Optical Company Limited in 1972.  This company is, as of course many of 
you know, now Panther Securities PLC. 
 
This gave me a taste for corporate acquisitions and to date I have initiated 
ten takeovers of listed companies, of which two failed to achieve the control I 
desired although were still profitable ventures.  I completed seven successful 
private corporate acquisitions and was again involved with three publicly 
listed companies where I held 30% of the equity and was appointed a board 
member which gave me some influence in the control (that word again) of the 
company. 
 
My early ideas on corporate takeovers were based on the belief that if you 
could secure 51% of the voting equity you would be in control of the entire 
company.  Of course, then one automatically assumed you would have power to 
appoint the Board of Directors but in practice this was not always so. 
 
Every one of my corporate adventures could produce an interesting, amusing and 
business related vignette all coming back to that word 'control'. 
 
The optical company had people running their own minor internal department 
empires and each had separately devised a benefit system just for themselves. 
 
A poorly performing investment trust in mid takeover allowed the fund managers 
to shift the previously unagreed cost of the takeover to a management fee which 
they received and thus did not show up until sometime later, thus proving the 
fund managers had control of the cheque book! 
 
After I had secured 51% of another poorly performing investment trust with a 
top line board, the Chairman instructed his brokers to sell the entire share 
portfolio worth GBP1,000,000 even after he had been told in no uncertain terms 
that this was prohibited by takeover rules.  This sale went ahead anyway and 
after the takeover was completed I was asked by my advisers if I wanted to make 
a formal complaint.  I declined as I had no wish to give the former Chairman, a 
well-known and important influential figure, a problem, but also the portfolio 
sale was what I would have wanted to do - but would not break the rules.  Thus 
they carried out my desired wishes, probably in anger.  The point being the 
Chairman had control by virtue of his authority. 
 
A single department store with an excess of assets and ever reducing 
profitability, where if we were successful we would have removed one overpaid 
Managing Director.  However, via old former owners' trusts, he had control and 
managed to obtain a white knight rival store group takeover who, instantly upon 
the rival's successful announcement of its offer becoming wholly unconditional, 
terminated the employment of many of the department store's management staff 
thus allowing the company to be profitable again.  Surprise, surprise, the 
Managing Director kept his highly paid job.  Thus control with no equity was 
with the Managing Director. 
 
One small property company had a nice portfolio of income producing properties 
mainly acquired for part cash and part shares and also building society loans - 
initially the Managing Director had both board control and equity control but 
the continuing acquisitions for equity reduced his shareholding well below 
control level.  This was risky but much more so as the family team that ran the 
company had salaries and expenses way, way in excess of the company's net 
income.  They fell easily to a takeover and the company had to be bailed out 
immediately to complete its survival and revival.  Again, it was control that 
they lost. 
 
I could give more mini stories on every one of our corporate acquisitions but 
it all boils down to control.  Not just ownership but actual working control. 
 
In the UK we have recently had one of the UK's most divisive elections which 
has pleasingly probably resolved the Brexit conundrum.  The Brexit question, in 
simplistic terms, was about control of the UK either by a largely unknown group 
of unelected bureaucrats which supposedly represented the interests of an ever 
widening group of diverse countries, or UK elected MPs and a successful Brexit 
via this election could bring back the control of the UK to its own elected 
representatives.  Of course many of our elected representatives are usually 
inexperienced and unsuitable for the jobs they take on - but at least can be 
sacked or changed after 5 years or sometimes sooner if they prove useless. 
 
All UK general elections (as are all elections) are about control, either by 
one faction or another, with each side having a different viewpoint - but each 
side always offering something that isn't really theirs to give, invariably 
causing problems if and whenever their promises are fully implemented. 
 
The public realised this last election was simply a matter of control of our 
country and only one long established party offered them the potential answer. 
The public, in its wisdom, created the landslide result. 
 

Taxation is like hell.  Hell being a construct promoted many years ago by 
religious long established institutions to keep people in line whereas taxation 
forces people having to pay a share of running the country under harsh threats 
of punishment by those whom the voters have elected to be in control of 
government but I am forever surprised by its stupidity in enactment. 
 
Recently I was informed by my accountant that one of my more recent personal 
tax returns had been questioned as it appeared Beales had paid me GBP1,200 as an 
annual director's salary.  They had indeed issued me with a cheque after 
standard tax deductions but I deliberately never cashed it as I felt unable to 
take a salary from a continuing loss making business. 
 
Despite the fact I did not receive any money, I was told as Beales must have 
put it through their books I must pay tax on this non income.  Of course, the 
taxman never lost any money as Beales did not make profits to pay Corporation 
Tax.  I had to pay the GBP300 extra tax which they billed me for three further 
six-monthly tax periods in the assumption I would continue to receive this 
income.  I also had to pay a GBP200 fee to my accountant and, to rub salt in the 
wound, tax of GBP40 on top i.e., for GBP900 that I never received I had to pay GBP 
1,440!!! 
 
Logic, common sense or fairness is rare as hen's teeth in tax offices. 
 
Many of our shareholders will know that my mother, Fay, died about three years 
ago.  A significant amount of inheritance tax was eventually paid after about 
eighteen months of dealing with her estate. 
 
As Benjamin Franklin remarked, there are only two certainties in life; one is 
death and the other is taxes.  This assumes that after death one does not have 
to bother about tax. 
 
Sometime last year I received a generic letter from the tax office addressed 
 
"Dear Fay Perloff Deceased 
 
Thank you for contacting us about your returns" ......... 
 
As you might expect, I was very upset.  If my mother with her super powers was 
going to contact anyone down here from heaven above, she could have at least 
contacted me first! 
 
So I suppose it's fair to finish on 'if the tax office is involved, heaven help 
us'! 
 
Supplementary Chairman's Ramblings 
 
Barry Parade (now a Group property) was a third rate building containing twelve 
lock up shops situated in an attractive corner position facing Peckham Rye 
Park.  The property at one time had a large Victorian era house with a good 
sized corner garden and at a later date a parade of eight small lock up shops 
built sometime in the early 1930's. The property was an early victim of a 
German V1 rocket raid in 1944 when the big house was completely destroyed and 
the lock up shops partially damaged. (This part of London, originally a smart 
suburb of Georgian and Victorian London with many large attractive houses, and 
later many huge estates of terraced houses built to house London's growing 
population was by the 1950's in a severe decline as a residential area but 
still able to provide good trade for the many local businesses). 
 
I can remember visiting the site a number of times with my father and brother. 
The trip round South London was exciting for a six year old child and I 
remember seeing workmen repairing the war damaged shops.  A few years later my 
father arranged to have four lock up shops built 
 
upon the site of the big house directly facing Peckham Rye.  With hindsight I 
now know the buildings were built very cheaply.  Notwithstanding this the 
shops, which were originally let at about GBP150 per annum each, were always 
fully let and provided a useful facility for the local community. 
 
I started managing the property in about 1966 when the area had become more run 
down but it always held its income. 
 
Just over twenty years ago the area began to change for the better due to the 
boom in the residential housing market that was rippling through London.  The 
old houses that had been cheaply converted to flatlet houses were being 
converted back to luxury houses and the flats upgraded so that just acceptable 
living units became very desirable flats convenient for Central London. 
 
I thus started considering the development potential.  Due to the property's 
existing income the building, with flats above, at that time did not appear a 
particularly viable development proposal.  However, within a few years 
continued escalating residential prices completely changed the viability of any 
possible scheme. 
 
It has now taken well over seven years to reach this stage for a possible 
redevelopment and it would seem it will take at least nine years from start to 
finish of the scheme. 
 
Perhaps as it was the last World War that started my family history of Barry 
Parade, with its partial destruction by a wayward V1 rocket, it is a suitable 
timeline for comparison. 
 
Germany invaded Poland on 1st September 1939 - then France, Belgium, Holland 
and Russia.  Germany's conquering progress was only put on the back foot when 
America entered the war after Pearl Harbour in December 1941 and thus were 
eventually driven back into their own territory and defeated in May 1945, i.e., 
nearly six years of huge turmoil, destruction throughout most of Europe which 
involved a monumental amount of planning and organisational ability first by 
the Germans then by the Allies for an eventual successful outcome. 
 
And yet in Southwark, on a small obviously poorly and underdeveloped site we 
are unable to get permission to redevelop, let alone actually build a shop and 
13 flats in over seven years! 
 
I suspect if one needed planning permission to build a Wendy house in many 
boroughs it would be the original applicant's grandchildren, rather than the 
children who might get the benefit of playing in it! 
 
Yours 
 
Andrew S Perloff 
Chairman 
 
14 May 2020 
 
P.S.        My Ramblings were prepared well before the first inklings of the 
COVID-19 pandemic started to cause such disruption to our everyday lives and 
business activity which I have commented on at length in my Chairman's 
Statement. 
 
However, ......... It reminds me that in last year's accounts I had prepared and 
arranged for a cartoon to be inserted headed 'The Ten Plagues of the High 
Street' (all government created) with the United Kingdom looking like a war 
graves cemetery with many lines of gravestones all either having shop group 
names or left blank for unknown traders or those yet to follow. 
 
I could not imagine that the 10th biblical plague would arrive.  I am sure you 
will be aware that this was called "The Killing of the First Born", i.e., the 
oldest, which is nearly what is happening. 
 
The government has pulled out all the stops and enlisted the most knowledgeable 
medical advisors in an effort to control and eradicate this virus.  We all 
should be, and almost certainly are, supportive of their efforts. 
 
GROUP STRATEGIC REPORT 
 
About the Group 
 
Panther Securities PLC ("the Company" or "the Group") is a property investment 
company quoted on the AIM market (AIM).  Prior to 31 December 2013 the Company 
was fully listed and included in the FTSE fledgling index.  It was first fully 
listed as a public company in 1934.  The Group owns and manages over 850 
individual property units within over 120 separately designated buildings over 
the mainland United Kingdom.  The Group specialises in property investing and 
managing of good secondary retail, industrial units and offices, and also owns 
and manages many residential flats in several town centre locations. 
 
Strategic objective 
 
The primary objective of the Group is to maximise long-term returns for our 
shareholders by stable growth in net asset value and dividend per share, from a 
consistent and sustainable rental income stream. 
 
Progress indicators 
 
Progress will be measured mainly through financial results, and the Board 
considers the business successful if it can increase shareholder return and 
asset value in the long-term, whilst keeping acceptable levels of risk by 
ensuring gearing covenants are well maintained. 
 
Key ratios and measures 
 
                                    2019****    2018****      2017        2016 
 
Gross profit margin (gross profit/     76%         71%         71%         77% 
turnover) 
 
Gearing (debt*/(debt* + equity))       41%         39%         45%         49% 
 
Interest cover**                   2.14 times  4.17 times  2.37 times  1.66 times 
 
Finance cost rate (finance costs 
excluding lease portion/ average 
borrowings for the year)              7.1%        6.6%        6.4%        6.6% 
 
Yield (rents investment properties 
/ average market value investment     8.8%        7.7%        7.1%        7.7% 
properties) 
 
Net assets value per share            480p        532p        516p        407p 
 
(Loss)/ earnings  per share -        (23.1)p      39.9p      120.2p      (5.5)p 
continuing 
 
Dividend per share                    12.0p     27.0p***    22.0p***      12.0p 
 
Investment property acquisitions      GBP8.1m       GBP3.9m       GBP8.9m       GBP5.0m 
 
Investment property disposal          GBP1.1m      GBP40.8m       GBP2.2m       GBP5.8m 
proceeds 
 
* Debt in short and long term loans, excluding any liability on financial 
derivatives 
 
**Profit before taxation excluding interest, less movement on investment 
properties and on financial instruments and impairments, divided by interest 
(excluding lease portion) 
 
*** Includes 2018:15p (2017:10p) per share special dividend 
 
**** IFRS 9 and 15 have only been reflected in 2018 and 2019 the prior year 
figure not restated. IFRS 16 has only been reflected in 2019 and the prior year 
figure not restated. 
 
Business review 
 
The Group's underlying performance was strong in the year ended 31 December 
2019.  The results are positive once you remove the fair value write down on 
properties and the fair value loss on the financial derivatives is stripped 
out.  The Group showed higher rents, higher operating profits on a similar 
level of debt and strong cash generation from operations. This can be seen in 

the Consolidated statement of cash flow when the majority of the tax paid in 
the year, which mainly relates to large disposals in the year ended 31 December 
2018 is ignored.  This year's figures provide confidence that the underlying 
business is performing well and improving when compared to the prior year 
(stripping out disposals and other non-cash movements). 
 
The Directors believe (under normal circumstances) that we have made two decent 
long-term purchases in 2019 at high returns, in Caerphilly and Gateshead, which 
the Group purchased using free funds left over from the disposals in 2018. 
This has replaced a large proportion of the income lost on the disposals in 
2018. 
 
The investment property values were written down by the Directors following the 
in-house valuation.  These valuations incorporated Brexit uncertainties at the 
year end which impacted market values. These values also reflect the risks 
associated with retailers as they try and adapt to the fast changing consumer 
habits.  However, the Group, being a secondary retail property investor, has a 
lot of neighbourhood parades.  These tend to have a higher proportion of 
businesses which are providing non-retail offerings even though they are 
shops.  This includes things such as service providers, restaurants or take 
away use, or convenience offerings, which have been less effected than pure 
retail, and in some instances even provide additional opportunities i.e. being 
able to offer their take away services via Just Eat etc.  Even our pure retail 
positions are mainly large blocks in the centre of towns and will no doubt 
benefit from longer term plans from the Government and local councils looking 
into town centre regeneration schemes.  As such, if and when retail no longer 
works, we believe we can create value from these sites with planning permission 
to eventually give them other uses or purposes.  In the meantime, they continue 
in the most part to be strong cash contributors providing high returns on 
initial investment. 
 
The Group recognised a loss in value following the Directors' year end 
valuation, of GBP8.8m (compared to a GBP6.4m million loss in 2018 also following a 
Directors' valuation). 
 
Going forward 
 
We stated in this section in our 2018 accounts that "...we would be disappointed 
if we did not pick up a few good investments in 2019, however these have to be 
carefully selected as a lot of the risks perceived by the average property 
investor are real." This was achieved with the purchases of Caerphilly and 
Gateshead, both with a good spread of tenants and showing the usual high return 
we seek. 
 
Unfortunately, 2019 already seems like a lifetime ago.  Since then not only 
have Beales entered into administration (in January 2020), we now have the 
COVID-19 to contend with, which affects a very large majority of our tenants. 
Thankfully we still have a lot of capacity in terms of funds as we de-geared 
substantially in 2018 following the large disposals and also have the benefit 
of the non-reinvested cash funds.  These facilities and cash funds will help us 
weather the storm and we will be in a much stronger position than most.  This 
was planned but also slightly fortuitous, as we were preparing for Brexit 
uncertainties but it provides capacity financially to withstand this health and 
economic crisis. Taking these two issues in turn: 
 
  * Beales's administration 
 
Even though it is sad to see the demise of another historic business, and one 
we had a close association with, the financial reality is that the Directors 
believe the vast majority of these properties will be worth a lot more in the 
medium to longer term without this tenant.  The rents were low compared to the 
space they let and the rent was not always paid.  Relating to the year ended 31 
December 2019 the Group had circa GBP270,000 arrears unpaid but fully provided 
against.  Practically all the properties have better alternative values and 
surprisingly all have different solutions. 
 
Whether it is re-letting and carving up, utilising the valuable car parks, 
full-scale redevelopments, or interest from councils as they look to revitalise 
town centres, we see the former Beales sites as key. This is because they 
usually were very central and our view is that all former stores have 
potential.  Some of these opportunities will be realised quicker than others 
but we can already see a glimmer of a silver lining.  It is just a shame that 
the COVID-19 has curtailed and/ or slowed some of our discussions. 
 
We are not concerned about these vacant properties in the medium to longer term 
and see these as an opportunity.  We hope to report back on progress within our 
interim accounts. 
 
  * COVID-19 
 
This has been a much more challenging, wide spread and fast changing situation 
than the business has ever faced before.  We believe for our size and within 
the property sector, we have one of the most diverse and robust income 
streams.  We have such an array of tenants, spread over different geographic 
locations, in different sectors, and lots of sizes of traders, from sole 
traders to large multinational corporates.  One of the key characteristics of 
the business that we have developed over many decades, in fact since it 
recovered from the 1970s property crash, is ensuring a strong diversified cash 
flow and this is reflected in our investment decisions, which often show high 
returns, generated from a spread of tenants.  However, with the government 
putting social distancing measures in place and requesting businesses to close, 
this leaves us with very few tenants remaining open for trading.  We do have 
tenants such as supermarkets, chemists, take-aways, flat tenants, convenience 
stores and certain industrial uses still open for business who hopefully will 
pay their full rent.  We have tried to assess what this means in terms of 
rental over this period but it is such a fast moving situation that even those 
you would not expect to be affected have been - however it looks like as a 
minimum we will have our interest covered by income.  We are taking mitigation 
actions, such as reducing our outgoings and keeping good dialogue with our 
tenants and ensuring those that can pay do. 
 
The impact of COVID-19 is considered to be a non-adjusting post balance sheet 
event and as such the Statement of Financial Position, including property 
valuations, has been prepared on the facts and circumstances as at 31 December 
2019. 
 
However, even though there are uncertainties going forward which may affect 
property prices in the short term, we are protected by our portfolio's 
diversity, experienced management team, ability to adapt and by having access 
to funds.  We have low gearing levels, supportive lenders and cash reserves, 
which the Directors believe can keep us going for over 21 months even when 
assuming lower than expected levels of rents.  We expect to receive as a 
minimum circa 41% of our rents which are from businesses that are either not 
required to close or recommended to by the government. This amounts to around GBP 
5.6m. 
 
Financing 
 
The Group had previously entered into a GBP75 million club loan facility (GBP60 
million term and GBP15 million revolving), which was renewed on 19 April 2016 
with a five-year term.  This is up for renewal in April 2021 - on 31 December 
2019 the maximum loan facility was GBP74m due to loan repayment in the year.  We 
have had initial discussions with our lenders early in the year and they were 
very positive in terms of renewing on similar terms.  The discussions are 
currently on hold as the Group and the banks deal with the current crisis. 
However, our lenders' relationship teams are confident that when the COVID-19 
crisis is over, we can quickly get back on track, and in the worst case 
scenario would look for a short term extension (to give us more time for 
discussions and negotiations). 
 
At the Statement of Financial Position date the Group had GBP9.5m of cash funds, 
GBP14m available facility and a further GBP10m included in our loan agreement but 
requiring credit approval.  In April 2020 cash was further increased as a net 
amount of GBP3m was drawn on the facilities as well as the lenders agreeing to 
release GBP1.5m of the GBP2.3m which was restricted to property purchases (and 
included in the GBP9.5m total). 
 
Financial derivative 
 
We have seen a fair value loss (of a non-cash nature) in our long term 
liability on derivative financial instruments of GBP0.997m (2018: GBP0.886m fair 
value gain).  Following this loss the total derivative financial liability on 
our Consolidated Statement of Financial Position is GBP26.5m (2018: GBP25.5m). 
 
These financial instruments (shown in note 5) are interest rate swaps that were 
entered into to remove the cash flow risk of interest rates increasing by 
fixing our interest costs.  We have seen that in uncertain economic times there 
can be large swings in the accounting valuations. 
 
Small movements in the expectation of future interest rates can have a 
significant impact on their fair value; this is partly due to their long dated 
nature.  These contracts were entered into in 2008 when long term interest 
rates were significantly higher.  In a hypothetical world if we could fix our 
interest at current rates and term we would have much lower interest costs.  Of 
course we cannot undo these contracts that were entered into historically, 
without a significant financial cost, but for accounting purposes these 
financial instruments are compared to current market rates, with the additional 
liability compared to the market rates, as shown on our Statement of Financial 
Position. 
 
In 2018 the Company entered into a new 10 year fixed interest rate swap 
agreement, with a GBP25,000,000 nominal value which commences on 1 December 
2021.  The swap's interest rate is 2.131% which will come into existence when 
the Company's current GBP25,000,000 swap with a rate of 4.63% ends, resulting in 
an annual saving of circa GBP625,000.  By entering this transaction, the Company 

will have certainty that its interest costs from December 2021 will be 
significantly lower compared to its current costs. 
 
Financial Risk Management 
 
The Company and Group operations expose it to a variety of financial risks, the 
main two being the effects of changes in credit risk of tenants and interest 
rate movement exposure on borrowings.  The Company and Group have in place a 
risk management programme that seeks to limit the adverse effects on the 
financial performance of the Company and Group by monitoring and managing 
levels of debt finance and the related finance costs. The Company and Group 
also use interest rate swaps to protect against adverse interest rate movements 
with no hedge accounting applied.  Mark-to-market valuations on our financial 
instruments have been erratic due to current low market interest rates and due 
to their long term nature. These large mark-to-market movements are shown 
within the Income Statement. 
 
However, the actual cash outlay effect is nil when considered alongside the 
term loan, as the instruments have been used to fix the risk of further cash 
outlays due to interest rate rises or can be considered as a method of locking 
in returns (difference between rent yield and interest paid at a fixed rate). 
 
Given the size of the Company and Group, the Directors have not delegated the 
responsibility of monitoring financial risk management to a sub-committee of 
the Board.  The policies set by the Board of Directors are implemented by the 
Company and Group's finance department. 
 
Credit risk 
 
The Company and Group have implemented policies that require appropriate credit 
checks on potential tenants before lettings are agreed.  In many cases a 
deposit is requested unless the tenant can provide a strong personal or other 
guarantee. The amount of exposure to any individual counterparty is subject to 
a limit, which is reassessed annually by the Board. 
 
Exposure is reduced significantly due to the Group having a large spread of 
tenants who operate in different industries. 
 
Price risk 
 
The Company and Group are exposed to price risk due to normal inflationary 
increases in the purchase price of the goods and services it purchases in the 
UK.  The exposure of the Company and Group to inflation is low due to the low 
cost base of the Group and natural hedge we have from owning "real" assets. 
Price risk on income is protected by the rent review clauses contained within 
our tenancy agreements and often secured by medium or long-term leases. 
 
Liquidity risk 
 
The Company and Group actively manage liquidity by maintaining a long-term 
finance facility, strong relationships with many banks and holding cash 
reserves.  This ensures that the Company and Group have sufficient available 
funds for operations and planned expansion or the ability to arrange such. 
 
Interest rate risk 
 
The Company and Group have both interest bearing assets and interest bearing 
liabilities.  Interest bearing assets consist of cash balances which earn 
interest at fixed rate when placed on deposit.  The Company and Group have a 
policy of only borrowing debt to finance the purchase of cash generating assets 
(or assets with the potential to generate cash).  The Directors revisit the 
appropriateness of this policy annually. 
 
Principal risks and uncertainties of the Group 
 
The successful management of risk is something the Board takes very seriously 
as it is essential for the Group to achieve long-term growth in rental income, 
profitability and value.  The Group invests in long term assets and seeks a 
suitable balance between minimising or avoiding risk and gaining from strategic 
opportunities. 
 
The Group's principal risks and uncertainties are all very much connected as 
market strength will affect property values, as well as rental terms and the 
Group's finance, or term loan, whose security is derived primarily from the 
property assets of the business.   The financial health of the Group is checked 
against covenants that measure the value of the property, as a proportion of 
the loan, as well as income tests.  The two measures of the Group's finances 
are to check if the Group can support the interest costs (income tests) and 
also the ability to repay (valuation covenants). 
 
The Group has a successful strategy to deal with these risks, primarily its 
long lasting business model and strong management.  This meant the business had 
little or no issues during the 2008 financial crisis, which some commentators 
say was the worst financial crisis since the Great Depression of the 1930s.  We 
hope that the current crisis will also show us in a good light due to the 
preparations we made in 2018. 
 
Market risk 
 
If we want to buy, sell or let properties there is a market that governs the 
prices or rents achieved.  A property company can get caught out if it borrows 
too heavily on property at the wrong time in the market, affecting its loan 
covenants.  If loan covenants are broken, the Company may have to sell 
properties at non-optimum times (or worse) which could decrease shareholder 
value.  Property markets are very cyclical and we in effect have three 
strategies to deal with or mitigate the risk, but also take advantage of this 
opportunity: 
 
1) Strong, experienced management means when the market is strong we look to 
dispose of assets and when it is weak we try and source bargains i.e. an 
emergent strategy also called an entrepreneurial approach. 
 
2) The Group has a diversified property portfolio and maintains a spread of 
sectors over retail, industrial, office and residential.  The other 
diversification is having a spread regionally, of the different classes of 
property over the UK.  Often in a cycle not all sectors or locations are 
affected evenly, meaning that one or more sectors could be performing stronger, 
maybe even booming, whilst others are struggling.  The strong investment 
sectors provide the Group with opportunities that can be used to support slower 
sectors through sales or income. 
 
3) We invest in good secondary property, which tends to be lower value/cost, 
meaning we can be better diversified than is possible with the equivalent funds 
invested in prime property.  There are not many property companies of our size 
who have over 850 individual units and over 120 buildings/ locations. 
Secondary property also, very importantly, is much higher yielding which 
generally means the investment generates better interest cover and its value is 
less sensitive to market changes in rent or loss of tenants. 
 
Property risk 
 
As mentioned above we invest in most sectors in the market to assist with 
diversification.  Many commentators consider the retail sector to be in period 
of severe flux, considerably affected by changing consumer habits such as 
internet shopping as well as a preference for experiences over products.  Of 
the Group's investment portfolio, retail makes up the largest sector being 
circa 60 to 65% by income generation.  However, the retail sector is affected 
to lesser degrees in what we would describe as neighbourhood parades, as 
opposed to traditional shopping high streets.  The large part of our retail 
portfolio is in these neighbourhood parades, meaning we are less affected by 
consumer habits and even benefit from some of the changes.  Neighbourhood 
parades provide more leisure, services and convenience retail. 
 
For example, we have undertaken a few lettings to local or smaller store 
formats, to big supermarket chains, which would not have taken place many years 
ago.  Block policy is another key mitigating force within our property risks. 
Block policy means we tend to buy a block rather than one off properties, 
giving us more scope to change or get substantial planning if our type of asset 
is no longer lettable.  The obvious example is turning redundant regional 
offices into residential.  In addition, by having a row of shops, we can 
increase or reduce the size of retail units to meet the current requirements of 
retailers. 
 
Finance risk 
 
The final principal risk, which ties together the other principal risks and 
uncertainties, is that if there are severe adverse market or property risks 
then these will ultimately affect our financing, making our lender either force 
the Group to sell assets at non-optimal times, or take possession of the 
Group's assets.  We describe the above factors in terms of management, business 
model and diversification to help mitigate against property and market risks 
which as a consequence mitigate our finance risk. 
 
The main mitigating factor is to maintain conservative levels of borrowing, or 
headroom to absorb downward movements in either valuation or income cover. The 
other key mitigating factor, is to maintain strong, honest and open 
relationships with our lenders and good relationships with their key 
competitors.  This means that if issues arise, there will be enough goodwill 
for the Group to stay in control and for the issues to resolve themselves and 
hopefully 
 
save the situation.  As a Group we also hold uncharged properties and cash 
resources, which can be used to rectify any breaches of covenants. 
 
Other non-financial risks 
 
The Directors consider that the following are potentially material 
non-financial risks: 
 
Risk               Impact                     Action taken to mitigate 
 
Reputation         Ability to raise capital/  Act honourably, invest well 
                   deal flow reduced          and be prudent. 
 
 
Regulatory changes Transactional and holding  Seek high returns to cover 
                   costs increase             additional costs. 
                                              Lobby Government -"Ramblings". 
                                              Use advisers when necessary. 
 
 
People related     Loss of key employees/ low Maintain market level 
issues             morale/ inadequate skills  remuneration packages, 
                                              flexible working and training. 
                                              Strong succession planning and 

                                              recruitment. Suitable working 
                                              environment. 
 
Computer failure   Loss of data, debtor       External IT consultants, 
                   history                    backups, offsite copies. 
                                              Latest virus and internet 
                                              software. 
 
Asset management   Wrong asset mix, asset     Draw on wealth of experience 
                   illiquidity, hold cash     to ensure balance between 
                                              income producing and 
                                              development opportunities. 
                                              Continued spread of tenancies 
                                              and geographical location. 
                                              Prepare business for the 
                                              economic cycles. 
 
 
Acts of God (e.g.  Weather incidents, fire,   Where possible cover with 
COVID 19)          terrorism,  pandemics      insurance.  Ensure you carry 
                                              enough reserves and resources 
                                              to cover any incidents. 
 
Subsequent to the year end an additional risk relating to COVID-19 has been 
added. The Group's strategy for dealing with this risk is set out above within 
the Group Strategic Report. 
 
Section 172(1) statement 
 
This is a reporting requirement and relates to companies defined as large by 
the Companies Act 2006, this includes public companies as otherwise the Group 
would not be considered large. 
 
Each individual Director must act in the way he considers, in good faith, would 
be the most likely to promote the success of the company for benefit of its 
members as a whole, and in doing so the Directors have had regard to the 
matters set out in section 172(1) (a) to (f) when performing their duty under 
section 172. 
 
The matters set out are: 
 
(a) the likely consequences of any decision in the long term; 
 
The longer term decisions are made at board level ensuring a wealth of 
experience and a breadth of skills.  The value creation in the business is 
mainly generated by buying the investments at the right time in the financial 
cycles, whilst reducing risk by choosing assets that have alternative or back 
up values to the current use, as well as initial values. 
 
It is also key that long term decisions are made in respect of ensuring that 
property assets are maintained, where economically viable.  Other areas to 
ensure decisions are in tune with long term consideration are making sure the 
best possible financing of the Group to match the requirements of the long-term 
nature of property ownership.  The board and management makes long term 
decisions such as keeping a vigilant review of the changing nature of property 
usage and tries were possible to diversify its income streams.  Caerphilly and 
Gateshead purchases in 2019 are good examples of long term decision making, 
i.e. choosing offices and a leisure led retail scheme - as such giving some 
protection against changing consumer habits in more general retail arena. 
 
(b) the interests of the company's employees; 
 
The company makes investment in and the development of talent of its employees, 
including paying for professional development, providing in house updates and 
encouraging knowledge sharing.  The Group has a strong track record of 
promoting from within the business and after the 2019 year end two surveyors 
were promoted to Joint Head of Property.  The Group undertakes team building 
activities to encourage cohesion and working together. 
 
(c) the need to foster the company's business relationships with suppliers, 
customers and others; 
 
Being in the secondary property industry the business is used to dealing with 
many types of businesses as tenants from large multi-national businesses to 
small sole traders - keeping good sound relationships with both is key.  We 
also use many small operators and suppliers and we ensure prompt payment, 
paying within 30 days in most instances to again foster good working 
relations.  We set a purchase order system in 2018 and refined it in 2019 to 
streamline and speed up payments supporting small suppliers. 
 
(d) the impact of the company's operations on the community and the 
environment; 
 
The Group's investments by its very nature often have a significant impact on 
local communities, providing services and convenience businesses, or places for 
local enterprise or employment.  Owning a parade of shops, we can ensure where 
possible that these are viable locations by encouraging a variety of 
offerings.  The Group maintains and upkeeps its investment properties to a 
viable level which benefits the local communities they provide accommodation 
for or seeks improvements with planning which can enhance local areas.  The 
Group also ensures it recycles much of its head office paper and is moving 
towards less paper communication; for instance 2019 was the first year where 
invoices were emailed as standard to our tenants and we also encourage the 
receipt of electronic invoices.  We also ensure we upgrade our units to the 
required EPC levels which by its very nature reduces the longer term 
environmental impact of the use of these units. 
 
(e) the desirability of the company maintaining a reputation for high standards 
of business conduct; 
 
The Group maintains an appropriate level of Corporate Governance that is 
documented within its own section within these Financial Statements.  With a 
relatively small management team it is easier to monitor and assess the culture 
and encourage the appropriate standards.  The board strives to delegate and 
empower its management teams to ensure the high standards are maintained at all 
levels within the business. 
 
and 
 
(f) the need to act fairly as between members of the company. 
 
The Group has excellent communication with its members, actively encouraging 
participation and discussion at its AGMs and also circulating letters of our 
announcements to ensure older members or those not accessing the LSE financial 
news can keep up to date with relevant information.  Our CEO and Chairman is 
unpaid, his benefit or income from the company is pro-rata the same as all 
members including minority shareholders. 
 
The Group Strategic Report set out on the above pages, also includes the 
Chairman's Statement shown earlier in these accounts and was approved and 
authorised for issue by the Board and signed on its behalf by: 
 
S. J. Peters 
Company Secretary 
Unicorn House 
Station Close 
Potters Bar 
Hertfordshire EN6 1TL 
14 May 2020 
 
CONSOLIDATED INCOME STATEMENT 
For the year ended 31 December 2019 
 
 
 
                                            Notes   31 December   31 December 
                                                           2019          2018 
 
                                                              GBP             GBP 
                                                           '000          '000 
 
Revenue                                                  14,226        13,607 
 
Cost of sales                                           (3,429)       (3,947) 
 
Gross profit                                             10,797         9,660 
 
Other income                                                443           457 
 
Administrative expenses                                 (1,676)       (1,819) 
 
Bad debt expense                                          (524)         (796) 
 
Operating profit                                          9,040         7,502 
 
Profit on disposal of investment properties                 515        11,750 
 
Movement in fair value of investment          4         (8,832)       (6,396) 
properties 
 
 
                                                            723        12,856 
 
Finance costs - interest                                (2,469)       (2,526) 
 
Finance costs - swap interest                           (2,437)       (2,533) 
 
Investment income                                           112            24 
 
Loss on disposal of fixed assets                              -          (41) 
 
Profit (realised) on the disposal of                        105            34 
investments 
 
Fair value (loss)/ gain on derivative         5           (997)           886 
financial liabilities 
 
(Loss)/ profit before income tax                        (4,963)         8,700 
 
Income tax income/ (expense)                                870       (1,653) 
 
(Loss)/ profit for the year                             (4,093)         7,047 
 
Continuing operations attributable to: 
 
Equity holders of the parent                            (4,093)         7,047 
 
(Loss)/ profit for the year                             (4,093)         7,047 
 
(Loss)/ earnings per share 
 
Basic and diluted - continuing operations     3         (23.1)p         39.9p 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
For the year ended 31 December 2019 
 
 
 
                                               Notes   31 December   31 December 
                                                              2019          2018 
 
                                                             GBP'000         GBP'000 
 
(Loss)/ profit for the year                                (4,093)         7,047 
 
Items that will not be reclassified 
subsequently to profit or loss 
 
Movement in fair value of investments taken to               (225)         (197) 
equity 
 
Deferred tax relating to movement in fair 
value of 
 
investments taken to equity                                     38            34 
 
Realised fair value on disposal of investments 
previously taken to equity                                      48             - 
 
Realised deferred tax relating to disposal of 
investments previously taken to equity                         (8)             - 
 

Other comprehensive loss for the year, net of                (147)         (163) 
tax 
 
Total comprehensive (loss)/ income for the                 (4,240)         6,884 
year 
 
Attributable to: 
 
Equity holders of the parent                               (4,240)         6,884 
 
                                                           (4,240)         6,884 
 
 
 
 
              CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
              Company number 00293147 
              As at 31 December 2019 
 
                                                          Notes     31 December   31 December 
                                                                           2019          2018 
 
ASSETS                                                                    GBP'000         GBP'000 
 
Non-current assets 
 
Investment properties                                       4           169,340       170,236 
 
Deferred tax asset                                                        3,304         1,811 
 
Right of use asset                                                          373             - 
 
Investments                                                                 927         1,850 
 
                                                                        173,944       173,897 
 
Current assets 
 
Stock properties                                                            350           448 
 
Investments                                                                 168             - 
 
Current tax asset                                                           601             - 
 
Trade and other receivables                                               3,389         4,896 
 
Cash and cash equivalents (restricted)                                    2,299        14,436 
 
Cash and cash equivalents                                                 7,186         5,614 
 
                                                                         13,993        25,394 
 
Total assets                                                            187,937       199,291 
 
EQUITY AND LIABILITIES 
 
Capital and reserves 
 
Share capital                                                             4,437         4,437 
 
Share premium account                                                     5,491         5,491 
 
Treasury shares                                                           (213)         (213) 
 
Capital redemption reserve                                                  604           604 
 
Retained earnings                                                        74,627        83,710 
 
Total equity                                                             84,946        94,029 
 
Non-current liabilities 
 
Long-term borrowings                                        6            58,955        58,864 
 
Derivative financial liability                              5            26,511        25,514 
 
Leases                                                                    7,912         7,510 
 
                                                                         93,378        91,888 
 
Current liabilities 
 
Trade and other payables                                                  8,541        10,192 
 
Short-term borrowings                                       6             1,072         1,071 
 
Current tax payable                                                           -         2,111 
 
                                                                          9,613        13,374 
 
Total liabilities                                                       102,991       105,262 
 
Total equity and liabilities                                            187,937       199,291 
 
 
The accounts were approved by the Board of Directors and authorised for issue 
on 14 May 2020. They were signed on its behalf by: 
 
A.S. Perloff 
Chairman 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the year ended 31 December 2019 
 
                        Share     Share    Treasury     Capital  Retained     Total 
 
                      capital   premium      shares  redemption  earnings 
 
                        GBP'000     GBP'000       GBP'000       GBP'000     GBP'000     GBP'000 
 
Balance at 1 January    4,437     5,491                     604    80,893    91,212 
2018                                          (213) 
 
Total comprehensive         -         -                       -     6,884     6,884 
income                                            - 
 
Dividends                   -         -           -           -   (4,067)   (4,067) 
 
Balance at 1 January    4,437     5,491                     604    83,710    94,029 
2019                                          (213) 
 
Total comprehensive         -         -                       -   (4,240)   (4,240) 
loss                                              - 
 
Other movement                                                       (68)      (68) 
 
Dividends                   -         -           -           -   (4,775)   (4,775) 
 
Balance at 31           4,437     5,491                     604    74,627    84,946 
December 2019                                 (213) 
 
 
 
CONSOLIDATED STATEMENT OF CASH FLOWS 
For the year ended 31 December 2019 
 
 
 
                                                        31 December 31 December 
                                                               2019        2018 
 
                                                              GBP'000       GBP'000 
 
Cash flows from operating activities 
 
Operating profit                                              9,040       7,502 
 
Depreciation charges for the year                                 -          13 
 
Loss on current asset investments                                15           - 
 
Transfer stock to investment properties                       (141)           - 
 
Rent paid treated as interest                                 (651)       (571) 
 
Profit before working capital change                          8,263       6,944 
 
Increase in stock investments                                 (168)           - 
 
Decrease/ (increase) in receivables                           1,507     (1,219) 
 
Decrease in payables                                        (1,802)       (319) 
 
Cash generated from operations                                7,800       5,406 
 
Interest paid                                               (4,091)     (4,375) 
 
Income tax paid                                             (3,303)     (2,743) 
 
Net cash generated from/ (used in) operating 
activities                                                      406     (1,712) 
 
Cash flows from investing activities 
 
Purchase of investment properties                           (8,138)     (3,894) 
 
Purchase of investments**                                         -     (2,271) 
 
Purchase of current asset investments***                    (3,996)           - 
 
Proceeds of current asset investments***                      3,981           - 
 
Proceeds from sale of investment property                     1,065      40,790 
 
Proceeds from sale of investments**                             851         275 
 
Dividend income received                                         76           5 
 
Interest income received                                         36          19 
 
Net cash (used in)/ generated from investing 
activities                                                  (6,125)      34,924 
 
Cash flows from financing activities 
 
Repayments of loans                                         (1,071)    (15,161) 
 
Loan arrangement fees and associated costs                        -       (375) 
 
Draw down of loan                                             1,000         500 
 
Dividends paid                                              (4,775)     (4,067) 
 
Net cash used in financing activities                       (4,846)    (19,103) 
 
Net (decrease)/ increase in cash and cash                  (10,566)      14,109 
equivalents 
 
Cash and cash equivalents at the beginning of                20,050       5,941 
year* 
 
Cash and cash equivalents at the end of year*                 9,485      20,050 
 
 
* Of this balance GBP2,299,000 (2018: GBP14,436,000) is restricted by the Group's 
lenders i.e. it can only be used for purchase of investment property. 
 
** Shares in listed and/or unlisted companies.  *** Shares in listed and/or 
unlisted companies but held for trading purposes. 
 
NOTES: 
 
1. General information 
 
While the financial information included in this preliminary announcement has 
been prepared in accordance with International Financial Reporting Standards 
(IFRSs), this announcement does not itself contain sufficient information to 
comply with IFRSs.  The Group will publish full financial statements that 
comply with IFRSs which will shortly be available on its website and are to be 
posted to shareholders shortly. 
 
The financial information set out in the announcement does not constitute the 
Company's statutory accounts for the years ended 31 December 2019 or 2018.  The 
financial information for the year ended 31 December 2018 is derived from the 
statutory accounts for that year, which were prepared under IFRSs, and which 
have been delivered to the Registrar of Companies.  The auditor's report on 
those accounts was unqualified, did not contain a statement under either 
Section 498(2) or Section 498(3) of the Companies Act 2006 and did not include 
references to any matters to which the auditors drew attention by way of 
emphasis. 
 
The financial information for the year ended 31 December 2019 is derived from 
the audited statutory accounts for the year ended 31 December 2019 on which the 
auditors have given an unqualified report, that did not contain a statement 
under section 498(2) or 498(3) of the Companies Act 2006 and did include 
references to COVID-19 and the refinancing of debt facilities to which the 
auditors drew attention by way of emphasis.  The statutory accounts will be 

delivered to the Registrar of Companies following the Company's annual general 
meeting. 
 
The accounting policies adopted in the preparation of this preliminary 
announcement are consistent with those set out in the latest Group Annual 
financial statements. 
 
Going concern 
 
The Group's business activities, together with the factors likely to affect its 
future development, performance and position are set out in the Chairman's 
Statement and Group Strategic Report.  The financial position of the Group, 
including key financial ratios, is set out in the Group Strategic Report.  In 
addition, the Directors' Report includes the Group's objectives, policies and 
processes for managing its capital; the Group Strategic Report includes details 
of its financial risk management objectives; and the notes to the accounts 
provide details of its financial instruments and hedging activities, and its 
exposures to credit risk and liquidity risk. 
 
The Group is strongly capitalised, has high liquidity together with a number of 
long term contracts with its customers many of which are household names.  The 
Group has a diverse spread of tenants across most industries and investment 
properties based in many locations across the country. 
 
The Group has a strong track record of obtaining long term finance and expects 
this to continue as it has supportive lenders.  The Group always maintains 
excellent relations with its lenders. 
 
The COVID-19 pandemic has provided a much harder set of circumstances for all 
businesses.  The Directors have prepared a detailed financial forecast assuming 
a continued "lock down" scenario that demonstrates the Group is a going concern 
even if the business effects of the lock down resulting from the COVID-19 
pandemic continues to December 2021 (further details with the Strategic 
Report).  This forecast takes account of a level of minimal income from 
businesses and trades that remain open (even in the lock down e.g. banks and 
supermarkets).  It also takes account of the Group's extensive cash reserves 
(and available facility - some already drawn at the announcement date) and 
shows the Group has enough financial resources to survive to beyond December 
2021 - even with the current lock down and its effects continuing.  The 
Directors are aware that the Group's loan is up for renewal in April 2021, 
however the Directors are confident that the Group has strong relationships 
with its lenders and that even if the Group cannot renew for a full term it 
should be able to get a short term renewal to tide it over.  The Group has 
further protection as the forecast does not take account of any cost saving 
potential in 2020. 
 
The Directors believe the Group is very well placed to manage its business 
risks successfully and have a good expectation that both the Company and the 
Group have adequate resources to continue their operations for the foreseeable 
future, even with the current COVID-19 situation.   For these reasons they 
continue to adopt the going concern basis in preparing the financial 
statements. 
 
2. Dividends 
 
Amounts recognised as distributions to equity holders in the period: 
 
                                                      2019            2018 
                                                     GBP'000           GBP'000 
 
Special dividend for the year ended 31 
December 2018 of 15p per share (2017:10p             2,653           1,768 
per share) 
 
Final dividend for the year ended 31 
December 2018 of 6p per share (2017: 7p per          1,061           1,238 
share) 
 
Interim dividend for the year ended 31 
December 2019 of 6p per share (2018: 6p per          1,061           1,061 
share) 
 
                                                     4,775           4,067 
 
The Directors recommend a payment of a final dividend for the year ended 31 
December 2019 of 6p per share (2018 - 6p), following the interim dividend paid 
on 28 November 2019 of 6p per share (2018 - 6p). In 2018 a special dividend was 
also declared of 15p per share.  The final dividend of 6p per share will be 
payable on 7 September 2020 to shareholders on the register at the close of 
business on 7 August 2020 (Ex dividend on 6 August 2020). 
 
The full ordinary dividend for the year ended 31 December 2019 is anticipated 
to be 12p per share, being the 6p interim per share paid and the recommended 
final dividend of 6p per share. 
 
3. (Loss)/ earnings per ordinary share (basic and diluted) 
 
The calculation of (loss)/ profit per ordinary share is based on the (loss)/ 
profit, being a loss of GBP4,093,000 (2018 - profit of GBP7,047,000) and on 
17,683,469 ordinary shares being the weighted average number of ordinary shares 
in issue during the year excluding treasury shares (2018 - 17,683,469).  There 
are no potential ordinary shares in existence. The Company holds 63,460 (2018 - 
63,460) ordinary shares in treasury. 
 
 
 
4. Investment property 
 
                                                                Investment 
                                                                properties 
 
                                                                     GBP'000 
 
Fair value 
 
At 1 January 2018                                                    201,825 
 
Additions                                                              3,894 
 
Disposals                                                           (29,040) 
 
Fair value adjustment on property held on operating leases              (47) 
 
Revaluation decrease                                                 (6,396) 
 
At 1 January 2019                                                    170,236 
 
Additions                                                              8,138 
 
Transfer from stock properties                                           239 
 
Disposals                                                              (550) 
 
Fair value adjustment on investment properties held on leases            109 
 
Revaluation decrease                                                 (8,832) 
 
At 31 December 2019                                                  169,340 
 
Carrying amount 
 
At 31 December 2019                                                  169,340 
 
At 31 December 2018                                                  170,236 
 
5. Derivative financial instruments 
 
The main risks arising from the Group's financial instruments are those related 
to interest rate movements. Whilst there are no formal procedures for managing 
exposure to interest rate fluctuations, the Board continually reviews the 
situation and makes decisions accordingly. Hence, the Company will, as far as 
possible, enter into fixed interest rate swap arrangements. The purpose of such 
transactions is to manage the interest rate risks arising from the Group's 
operations and its sources of finance. 
 
                                                  2019            2018 
 
Bank loans                                       GBP'000            GBP'000 
 
Interest is charged as to:                              Rate            Rate 
 
Fixed/ Hedged 
 
HSBC Bank plc*                                 35,000  7.01%   35,000  7.01% 
 
HSBC Bank plc**                                25,000  6.58%   25,000  6.58% 
 
Unamortised loan arrangement fees               (159)           (322) 
 
Floating element 
 
HSBC Bank plc                                       -               - 
 
Shawbrook Bank Ltd                                186             257 
 
                                               60,027          59,935 
 
Bank loans totalling GBP60,000,000 (2018 - GBP60,000,000) are fixed using interest 
rate swaps removing the Group's exposure to fair value interest rate risk. 
Other borrowings are arranged at floating rates, thus exposing the Group to 
cash flow interest rate risk. 
 
Financial instruments for Group and Company 
 
The derivative financial assets and liabilities are designated as held for 
trading. 
 
                          Hedged    Average  Duration of        2019       2018 
                          amount     rate      contract   Fair value Fair value 
                                              remaining 
 
                           GBP'000               'years'         GBP'000      GBP'000 
 
Derivative Financial 
Liability 
 
Interest rate swap          35,000     5.06%    18.69       (22,209)   (21,482) 
 
Interest rate swap          25,000     4.63%     1.92        (1,792)    (2,517) 
 
Interest rate swap          25,000     2.13%    10.00        (2,510)    (1,515) 
 
                                                            (26,511)   (25,514) 
 
Net fair value (loss)/ gain on derivative financial            (997)        886 
assets 
 
* Fixed rate came into effect on 1 September 2008.  Rate includes 1.95% 
margin.  The contract includes mutual breaks, the first potential one was on 23 
November 2014 (and every 5 years thereafter). ** This arrangement came into 
effect on 1 December 2011 when HSBC exercised an option to enter the Group into 
this interest swap arrangement.  The rate shown includes a 1.95% margin.  This 
contract includes a mutual break on the fifth anniversary and its duration is 
until 1 December 2021. 
 
6. Bank loans 
 
                                                       2019            2018 
 
                                                      GBP'000           GBP'000 
 
Bank loans due within one year                        1,072           1,071 
 
(within current liabilities) 
 
Bank loans due within more than one year             58,955          58,864 
 
(within non-current liabilities) 
 
Total bank loans                                     60,027          59,935 
 
 
 
                                       2019        2019        2019        2018 
 
Analysis of debt maturity             GBP'000       GBP'000       GBP'000       GBP'000 
 
                                  Interest*     Capital       Total       Total 
 
Trade and other payables**                -       5,172       5,172       6,749 
 
Bank loans repayable 
 

On demand or within one year          1,561       1,072       2,633       2,764 
 
In the second year                      520      59,072      59,592       2,735 
 
In the third year to the fifth            1          42          43      60,185 
year 
 
                                      2,082      60,186      62,268      72,433 
 
*based on the year end 3 month LIBOR floating rate - 0.68%, and bank rate of 
0.10%. 
 
** Trade creditors, other creditors and accruals 
 
On 19 April 2016 the Group renewed its GBP75,000,000 loan facility by entering 
into a new 5 year term loan with HSBC and Santander.  The Group has the option 
to draw down an additional GBP10,000,000 under the same agreement subject to the 
banks' credit approval process.  The Group has commenced talks with its lenders 
to renew the facilities on similar terms and hopes to have this in place by 31 
December 2020.  The initial conversations have been very positive and the Board 
believes there should be no issues with the Group's loan renewal. 
 
A Shawbrook bank loan of GBP186,000 at the year end is repayable over its life to 
September 2022. 
 
Bank loans are secured by fixed and floating charges over the assets of the 
Group. 
 
The estimate of interest payable is based on current interest rates and as 
such, is subject to change. 
 
The Directors estimate the fair value of the Group's borrowings, by discounting 
their future cash flows at the market rate (in relation to the prevailing 
market rate for a debt instrument with similar terms).  The fair value of bank 
loans is not considered to be materially different to the book value.  Bank 
loans are financial liabilities. 
 
7. Events after the reporting date 
 
In January 2020, JE Beale PLC went into administration.  They were a tenant 
within 13 freehold department stores owned by the Group.  The Group announced 
in January 2020 that the Directors believed that this would not have a material 
effect on revenues. 
 
COVID-19, as a health issue and with the government imposed closures to 
business and restriction on people's movements, will have a significant effect 
on the 2020 results including a potential decline in revenues and/ or a future 
impairment of assets.  The financial effects cannot be reliably quantified at 
this early stage, but the Group is in a strong financial position to weather 
the crisis.  More details on this are contained with the Group Strategic 
Report. 
 
The impact of COVID-19 is considered to be a non-adjusting post balance sheet 
event and as such the Statement of Financial Position, including property 
valuations, has been prepared on the facts and circumstances as at 31 December 
2019. 
 
8. Copies of the full set of Report and Accounts 
 
Copies of the Company's report and accounts for the year ended 31 December 2019 
will be posted to shareholders shortly, will also be available from the 
Company's registered office at Unicorn House, Station Close, Potters Bar, 
Hertfordshire, EN6 1TL and will be available for download on the Group's 
website www.pantherplc.com. 
 
9. Annual General meeting 
 
Arrangements for the 2020 Annual General Meeting (AGM) in light of COVID-19. 
 
In view of the COVID-19 pandemic and the Government's measures to restrict 
travel and public gatherings currently in force (the Movement Restrictions), 
including the prohibition on public gatherings of more than two people, the 
Board has decided that it is not possible to hold the Company's AGM in its 
usual format. 
 
The Annual General Meeting of Panther Securities P.L.C. is planned to be held 
on 23 June 2020 at Unicorn House, Station Close, Potters Bar, Herts., EN6 1TL 
at 10.00 am but due to the COVID-19 restrictions NO additional members will be 
allowed to be present. 
 
A quorum will be made with S,J. Peters and A. S. Perloff   Any member who 
attempts to attend will not be allowed access.  The only voting being accepted 
will be via Proxy Voting and no one apart from the Chairman will be allowed to 
be a Proxy. 
 
Following the closure of the AGM a ZOOM meeting will be held for shareholders 
who want to ask questions about the accounts and generally it will be capped at 
a maximum of 100 people.  If you want to have the login details you will need 
to download the ZOOM application and email [e-mail] with subject 
"Shareholder meeting" at least 3 days before the meeting. 
 
Panther Securities PLC                           [phone] 
 
Andrew Perloff, Chairman 
 
Simon Peters, Finance Director 
 
Allenby Capital Limited 
[phone] 
David Worlidge 
Alex Brearley 
 
 
 
END 
 

(END) Dow Jones Newswires

May 15, 2020 02:00 ET (06:00 GMT)