PNS Panther Securities Plc

 
TIDMPNS 
 
16 May 2012 
 
                            Panther Securities PLC 
 
                            ("Panther" or "Group") 
 
  Interim management statement for the three month period ended 31 March 2012 
 
Panther is pleased to publish its Interim Management Statement for the three 
month period ended 31 March 2012. The Accounts for the financial year ended 31 
December 2011 were announced on 25 April 2012 and will be posted to 
shareholders shortly. These accounts included extensive information on post 
balance sheet events, which for clarity we are repeating, as all material post 
year end items have already been announced. 
 
The main highlights of the period have been: 
 
  * There has been a GBP1.7 million improvement on our financial derivatives, as 
    they now show a decreased combined liability of GBP18.2 million as at 31 
    March 2012. This is compared to the combined liability of GBP19.9 million as 
    at 31 December 2011 as announced in April. As mentioned previously by the 
    Board, the valuations of financial derivatives are based on market 
    estimations of future interest rates, which have in recent times been very 
    erratic over short periods. The Board believes that these are an effective 
    `cash' hedge for the majority of the borrowings of the Group and unlikely 
    that the Group would willingly pay the estimated premium to exit these 
    financial instruments. 
 
  * In February 2012 the Company purchased the freeholds of a further three 
    Beales Department Stores, these being:- 
 
Lowestoft, Suffolk 
 
The freehold property, known as Beales department store, London Road North, 
Lowestoft, is a modern store with 21,000 square feet of selling space on two 
floors, situated on the town's main pedestrianized shopping street close to 
Tesco Metro supermarket, Sports Direct and the BHS department store. 
 
Wisbech, Cambs 
 
The property, known as Beales department store on Little Church Street, just 
off The Market Place, is a modern, two storey department store containing 
26,000 square feet of selling space, which is situated in the centre of town. 
 
Beccles, Suffolk 
 
The department store is an older store in two separate sections adjoining but 
separated by a small vehicular service road and contains approximately 17,000 
square feet on mainly ground but also first floor. The property fronts through 
from Smallgate to The Walk which is close to the centre of this market town and 
to a Tesco superstore. 
 
All three properties are let on similar leases to Beale PLC whereby rent is 
calculated as a share of profits until May 2014, after which they will convert 
to market rent subject to negotiations. The estimated turnover for these stores 
to the Beale Group was approximately GBP6 million (excluding VAT). The price paid 
for the freehold properties was GBP2,250,000, of which GBP300,000 is deferred, 
payable in three years' time. 
 
  * Huntingdon, Cambs 
 
In February 2012, Panther purchased a factory investment comprising 96,000 
square feet (90,000 feet ground floor) of modern factory premises on 5.5 acres 
on the Stukeley Meadows Industrial Estate, 1 mile north of Huntingdon town 
centre. The property is let on a full repairing and insuring lease for 15 years 
from February 2005 at GBP190,000 per annum exclusive with rent reviews in 2010 
(still outstanding) and 2015 to 65% of open market rental value. 
 
The property is held on a long lease for a term of 999 years from February 2005 
at a fixed nominal rent and the price paid was GBP1,278,000 (including stamp 
duty). 
 
General trading update 
 
The Group already has financing in place and has invested a substantial amount 
of this during 2011 and the first quarter of 2012 but still has significant 
funds for potential investments. The Group is also pleased to report that it is 
experiencing a noticeable increase in enquiries for its vacant properties, some 
of which we have agreed terms and instructed solicitors, which if the majority 
complete will add value to the portfolio in terms of rent of circa GBP200,000 
p.a. 
 
As ever we remain upbeat about Panther's future prospects. 
 
Other than as stated above, there has been no significant change in the Group's 
financial position since 31 December 2011. 
 
Andrew Perloff 
 
Chairman 
 
For further information contact: 
 
Panther Securities PLC                                            01707 667 300 
 
Andrew Perloff - Chairman 
 
Simon Peters - Finance Director 
 
 
 
END 
 

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