Panther Securities Regulatory News (PNS)

Panther Securities PLC ("Panther" or "Group") 25 March 2014 Update on property purchases and Wimbledon Studios and announcement date of annual results for the year ended 31 December 2013 Panther is pleased to provide an update on progress on previously announcedpurchases and on the Wimbledon Studios initiative to secure additional finance. Purchases- department stores * As announced in the interim results for the six months ended 30 June 2013 accounts, in April 2013 the Group entered into three further contracts to purchase Beale's department stores from the Anglia Regional Co-op Society (following a merger with the Midland Co-op they are now called the Central England Co-op - who inherited these contracts): 77-87 Lumley Road, Skegness - the purchase was completed in November 2013 at aprice of price £1.525 million. This freehold building offers 50,000 square feetof modern retail space, over three floors, in the main shopping street inSkegness. As described in our June 2013 interim results, we had exchanged contracts toacquire the two undermentioned properties and had until 30 June 2014 tocomplete: Park Road, Peterborough - this acquisition was completed on 21 March 2014 for £2 million, which is lower than the previously announced figure of £2.25million, reflecting a £250,000 landlord's contribution required for tenantimprovements to the property, under a new lease to Beale PLC. This freeholdbuilding offers 130,000 square feet of retail space on a site of 1.5 acres,adjacent to the prime Queensgate shopping centre in this growing prosperouscity. The proposed 5 ½ year lease is both flexible for the landlord and tenant,and has an agreed fixed rent of £225,000 p.a. following the first 18 months,during which the rental shall be calculated on a profit share basis. Queen Street, Mansfield - on 21March 2014 we paid an additional deposit of £112,500 in return for an extension until June 2015 to purchase this property.The completion price remains at £2 million or £2.25 million, depending onwhether certain conditions are met. This property, which is mainly freehold butalso part long-leasehold, is effectively two properties totalling 150,000square feet of retail space. The freehold is situated in the mainpedestrianised shopping street and the long leasehold part is in the town'smain shopping centre. The buildings are connected by two bridges at first floorlevel. Part of the freehold is occupied by the Co-op Bank at a rental of £30,000 p.a. This income will revert to us at completion. We are also indiscussion with Beale PLC about taking a new lease with a fixed rental asopposed to a profit share. * Wisbech, Beccles and Lowestoft - when we acquired these three department stores, £300,000 of the purchase price was deferred until February 2015. On 21 March 2014 we paid the deferred payment but at a reduced agreed figure of £167,500. * As previously announced in our interim management statement for the period ended 30 September 2013, Wimbledon Television and Film Studios, whose trading business is 25% owned by Panther, has been seeking finance or new investors to upgrade some of their stage sets and film studios. This further investment is outside of the remit of the Group. We envisaged that most potential investors considering investing in the upgradeof the studios would wish to own the freehold. The property, which is owned byPanther, has over 200,000 sq. ft of studio/office/leisure space on a site of4.25 acres. Panther had therefore agreed with Wimbledon Studios that it wouldbe prepared to sell the freehold or even grant an option to a suitable studiopurchaser who invests in the studios and assists the management's objectives. Panther is pleased to report that following a marketing exercise by SRVLCorporate Finance LLP on behalf of the studios, there has been strong interest,with at least two parties showing strong interest in the business of thestudios (some of these also for the freehold). This exercise also brought outother interest from parties who are keen to lease elements of the studios,which could further assist the studio business. However, separately, ourannouncement that stated we would be prepared to sell the freehold, hascrystallised other, non-studio related property investor/ developer interest inthis clearly desirable area. Panther is therefore pleased to announce that ithas also had two further offers in relation to purchasing the freehold propertyand also potential interest for utilising the buildings for alternative use. We are pleased with all these approaches and it is clear that the property is avery marketable site due to the strong interest received. We will discuss allproposals with the management of the studios, with a strong preference for atrade buyer, and we hope to provide a further update at the time of theannouncement of the Group results for the year ended 31 December 2013, whichwill be made on 30 April. 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