Panther Securities PLC Trading update and declaration of dividend (1099W)
20 Dezembro 2021 - 4:00AM
UK Regulatory
TIDMPNS
RNS Number : 1099W
Panther Securities PLC
20 December 2021
20 December 2021
Panther Securities PLC
(the "Company" or the "Group")
Trading update and declaration of dividend
Trading update
In respect of rental income charged in the period from the first
lockdown in March 2020 up to 30 November 2021, the Group has now
collected over 90% of the debt due (pre-COVID-19 levels are
estimated to be 95%). To give an idea of the recent progress, on
the portfolio charged to the Group's lenders, in the period from 1
June 2021 to 30 November 2021, the Group invoiced GBP7.4 million
(this total includes not just rent but VAT and other items) and
collected GBP8.4 million of cash, thereby reducing arrears
significantly in that period. The Group is currently experiencing a
level of arrears in line with historical levels, receiving more
interest in its properties both for letting purposes and approaches
from interested purchasers.
Recent events and in particular the latest COVID-19 variant
could potentially reverse some of the progress made, but the income
generation from the Group's portfolio was resilient through the
initial waves and lock downs of 2020, and the Board does not
believe that the current situation will be as uncertain as the
initial impact created by COVID-19.
Disposals
Further to the Group's announcement on 8 November 2021:
29 Central Avenue, West Molesey - we expected to complete this
in 2022, however we received early notice from the purchaser and we
completed this transaction on 17 December 2021. As such, we have
received the full GBP3,900,000 disposal proceeds before the end of
financial year. This property was sold at book value.
Former Beales department Store, Great Yarmouth - this has now
completed and we have the sales proceeds of GBP1,325,000,
representing a profit of circa GBP325,000 on book value.
Finance
On 16 July 2021 we had fully drawn down our entire facility of
GBP66,000,000.
Following the above disposals and including a minor disposal in
the pipeline which is expected to complete before the year end, we
expect to have paid back the full revolving facility of
GBP11,000,000 at the year end. We have also made two quarterly loan
capital repayments of GBP125,000 per quarter, as part of the loan
schedule, so we have GBP54,750,000 of term facility remaining.
As well as having the GBP11,000,000 revolving facility to draw
down, we will have GBP3,000,000 of cash to use for approved
properties and have circa GBP6,500,000 of other free cash
funds.
The Group is therefore in a strong liquidity position to take
advantage of any opportunities that may arise.
Dividend update
Further to the commentary regarding dividends in the Company's
Interim Report for the six months ended 30 June 2021 announced on
30 September 2021, and the progress made to date, the Board is
pleased to confirm that the Company will pay an interim dividend
for the year ending 31 December 2021 of 6p per share.
This dividend will be paid on 9 February 2022 to those on the
register on 7 January 2022 (ex-dividend 6 January 2022).
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
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END
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December 20, 2021 02:00 ET (07:00 GMT)
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