Panther Securities Regulatory News (PNS)

Panther Securities PLC ("Panther" or "Group") 11 November 2014 Trading Update The following trading update details some of the more material transactions,including a letting, disposals, planning consents, purchase and otheraccounting adjustments that relate to the period since our half year accountswere produced. LETTING - Ex-Wimbledon Studios, 1 Deer Park Road, Wimbledon As previously announced on 13 August 2014, we entered into an agreement with awell-established media production company to lease this property for a term of15 years from 30 September 2014, with tenant only breaks at 5 yearly intervalsat a commencing rental of £1,050,000 per annum on a full repairing and insuringlease. The terms of the lease provide that the tenant pay 2½ years' rent inadvance (£2,625,000). This agreement was subject to certain landlord worksbeing completed. We are pleased to confirm that this lease was completed on 6 November 2014after the landlord repairs to the roof and internal building works werecompleted at a total cost of £800,000. We also confirm that we have receivedthe advanced rental payment. The following disposal transactions have been entered into: 61 Central Avenue, West Molesey, Surrey We have sold this freehold former investment property for circa £1,200,000.This sale will not show a profit but it does turn a non-income producing,vacant building into cash. The property required considerable repair workbefore it could be occupied and as such we consider the sale a positive result. Former Filling Station, Sparkbrook, Birmingham This 0.6 acre site, which was part of a corporate acquisition some years ago,is under offer to a housing developer at £650,000, subject to obtaining aplanning consent, which we anticipate will be forthcoming in early 2015. Thisprice is in excess of our book cost and we would envisage a good profit if thisdisposal takes place. Former Filling Station, Barrhead, Glasgow This 0.3 acre site, also originally part of the same corporate acquisition asSparbrook above, is under offer to a supermarket group at £250,000, subject toobtaining the required planning use. If completed, this will also show ahealthy profit on our current book cost. The following purchase has been made: Nasons, Maynard Road, Canterbury, Wincheap Estate, Kent We have exchanged contracts for the acquisition of this long leasehold 26,000sq ft (on the ground floor) retail warehouse/ showroom investment just outsideCanterbury's ring road for circa £900,000. It is part of a successful local outof town retail park, with nearby occupiers including Topps Tiles, Laura Ashleyand Fenwick. The property will be let to Nasons (Canterbury) Ltd for a term of15 years at a rental of £110,000 per annum, with a rent review every five yearsand a mutual break clause on the 10th anniversary. This furniture store is part of the old established Nasons department storebased in Canterbury High Street. The following PLANNING CONSENTS were achieved: 1a - 6a Bruce Grove, Wickford Last year we were refused planning consent for a residential development of theabove mentioned outdated factory units. We challenged the grounds for theopposition which we felt were unfounded. We are delighted that our appeal wassuccessful and we now have planning consent for 49 houses, subject tonegotiation of the S.106 agreement. We own two-thirds of the development sitewith the remaining third owned by two other parties. We anticipate selling thissite to a third party developer in due course. Old Inn House, 2 Carshalton Road, Sutton, Surrey We are also delighted to report that under the permitted development rules wehave received consent to convert the mostly vacant four floors of offices to 28flats in this prosperous London commuter suburb. Our well performing retailparade on the ground floor of this building will be unaffected and is fullylet. Templegate House, High Street, Orpington, Kent We have also received consent under permitted development rules to convert thethree floors of offices into 21 flats. Again our parade of five shops on theground floor will be unaffected. 8-12 High Street, Broadstairs, Kent Last year our planning consent on this site expired. We have been successful inobtaining a new 3 year consent to demolish these three buildings and replacethem with a new development of 4,000 sq ft of retail space, with 12 flats abovein this desirable coastal town. We are receiving increased interest on thisretail space, with some who have a national covenant. A pre-let to a strongcovenant will underwrite the building of the whole development. Our formerplanning permission was not implemented due to the previous downturn in themarket. OTHER ACCOUNTING MOVEMENTS - Derivative financial liabilities and fair valuemovements of investment property The combined valuation of our interest rate swaps as at 30 October 2014 was a £20.6 million liability compared to liabilities of £14.7 million as at 31December 2013 and £15.4 million as at 30 June 2014. However we expect the likely fair value loss on these derivative financialliabilities, at the year end, to be offset considerably by revaluation gains onour investment portfolio, which showed a gain of £3.0 million as at 30 June2014. In particular, the Directors expect to see a significant uplift from therevaluation of our Wimbledon property now the lease, described previously, hascompleted. For further information contact: Panther Securities PLC 01707 667 300Andrew Perloff - ChairmanSimon Peters - Finance Director Sanlam Securities UK Limited (Nomad and Joint Broker) 020 7628 2200David Worlidge/ Virginia Bull