REG-Panther Securities: Acquisition and Trading Update <Origin Href="QuoteRef">PNS.L</Origin>

Panther SecuritiesAnnouncement

30/11/2017 14:35

30 November 2017

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 PLC

(the “Company”)

Acquisition of Britannia Shopping Centre and Trading Update

Purchase of Britannia Shopping Centre, Hinckley
 

Panther is pleased to announce that it has today completed the acquisition of
the Britannia Shopping Centre (the “Centre”), a freehold shopping centre
in a prime position in Hinckley, Leicestershire.

Hinckley is a busy, vibrant market town located approximately 13 miles south
west of Leicester.  The Centre comprises 16 retail units arranged over ground
and first floors totalling c. 82,000 sq. ft. on a site of two acres.

The Centre is the town’s only covered shopping mall together with the
town’s principal shoppers’ car park, boasting 272 parking spaces which is
leased to National Car Parks (NCP) on a long lease.  The majority of
occupiers are national brands including Wilkinson’s, Peacocks, Boots,
Greggs, Card Factory, Claire’s Accessories and Poundworld amongst others.
Annual footfall in the centre in 2016 was 2,850,755.

The freehold was purchased for £5,331,000 plus £256,000 stamp duty, and it
has a gross rental income of £908,181 pa and net rental income of £737,183
pa, representing a net initial annual yield of 13.83%.  Nearly 37% of income
is secured from Wilkinson’s and NCP.

The Board believes that there are several opportunities to further improve the
income at the Centre by letting the only vacant unit and more efficient
management of the service charge.

Disposal of Holloway Head, Birmingham
 

In our interim accounts for six months ended 30 June 2017 we reported on our
conditional disposal of the above site with planning permission for a
consideration £11,000,000 with a delayed completion.  We received a
non-refundable deposit of £1,020,000 and this disposal was due to complete in
early December 2017.

The contract has been extended, with the purchaser now seeking to complete at
the beginning of March 2018.  For this extension we have recently received
£400,000 to vary the contract.

Disposal of Union Street, Glasgow

We sold this property for £925,000 in August 2017, against costs (including
selling costs) of £729,000.  The property was generating rents of £75,000
pa.

Disposal of shareholding in Elektron Technology PLC

Panther held 3,300,000 shares in the above AIM quoted company that it sold in
October 2017 for 17p a share, which generated gross proceeds of circa
£560,000, which was double its book value as at 31 December 2016.

 For further information:                                              
 Panther Securities plc:                           Tel: 01707 667 300  
 Andrew Perloff/ Simon Peters                                          
                                                                       
 Allenby Capital Limited (Nomad and Joint Broker)  Tel: 020 3328 5656  
 David Worlidge/ Alex Brearley                                         

CHAIRMAN’S RAMBLINGS

“THE EVIL THAT MEN DO LIVES ON AFTER THEM”

We have begun to notice that a few of our tenants, including MultiYork, have
begun to experience difficulties and although new lettings continue to take
place, the recent failure of Palmer & Harvey, a large and old established
business, indicates the direction of travel.

These Portents of Problems to come I believe are nothing to do with Brexit but
the relentless extra taxes and obligations heaped upon businesses.  There is
a considerable burden on businesses from the minimum wage, carbon tax, green
taxes, insurance tax, the apprenticeship levy and excessive property taxes.
This is especially the case with business rates, where even when Government
experts who opine that the rate payments should be less are disregarded and
effectively disallowed by minimal phasing of the reductions.  In due course
they will realise the folly of excessive taxes and regulations and, if in
time, may halt the obviously downward trend.

Andrew S Perloff

Chairman



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