5th Nov 2013 11:20
LONDON (Alliance News) - Panther Securities PLC Tuesday said it sold its development site in Wales for GBP235,000 and bought a freehold building in Skegness in what it called a "quiet" period.
In an interim management statement for the three month period ended September 30, the property investment company said its mixed residential planning scheme in Nelson, Wales would result in a profit of around GBP95,000. The development has produced no income, it said.
In October the group completed the purchase of 77-87 Lumley Road in Skegness for GBP1.53 million, excluding stamp duty. The freehold building, at the seaside town known for budget holidays, comprises 50,000 square feet of modern space spread over three floors in the main shopping street in the seaside town.
Panther said during the financial crisis it increased its borrowing and invested substantially, this process is now slowing as "we have used most of our arranged funds and sit at a gearing level where the board are comfortable."
As the letting market picks up, the company said it hopes to be in a position to increase lettings on vacant properties and sell non-core properties.
Panther said there had been a decrease in its financial derivatives combined liability, which stood at GBP16.4 million at September 30 compared with GBP16.9 million at June 3.
Chairman Andrew Perloff, a UKIP sympathiser who donated GBP25,000 to the political party earlier this year, said the board has decided it should seek shareholder approval to cancel its admission to the premium segment of the Official List and request admission to the AIM.
Perloff, who was forced to make the contribution from his own pocket after shareholders voted against using company funds, said a move to AIM would be a more suitable for the firm.
"The group is relatively small and AIM is a more suitable market for us than the Official List, with its
simplified administrative and regulatory requirements", he said.
"Shareholders should be aware that with effect from 5 August 2013, shares in companies listed on AIM can be held in individual savings accounts," Perloff added.
The stock was trading at 325.00 pence, down 12.50 pence or 3.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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