Business
Clarification re Beale Limited (in administration)
Clarification re Beale Limited (in administration).
About this update from Panther Securities Plc
[{"type":"text","content":"\n \nRNS Number : 0387B Panther Securities PLC 27 January 2020 \n\n27 January 2020\n \nPanther Securities PLC\n(the \"Company\" or \"Panther\")\n \nClarification re. Beale Limited (in administration) (\"Beales\")\n \n \nThe Company is aware that Beales was placed in Administration on 20 January 2020. Further to various enquiries from shareholders and other interested parties, the Company wishes to explain its association with Beales. The Company owns 13 of the stores from which Beales operates and these properties are let on leases of various lengths (\"the Beales Properties\"). None of the Beales Properties are material to the lending covenants with the Company's bankers. \n \nThe Panther Directors believe that, in the worst case scenario of trading ceasing at all the Beales Properties, there will not be a material effect on the Company's revenue for the year ending 31 December 2020 and it is expected that, in any event, some rental income on the Beales Properties will be recovered. Should Beales cease to trade, the Panther Directors also believe that there will not be a material effect on the value of the Beales Properties. In the medium to long term, the Panther Directors further believe that there will be significant alternative opportunities for the majority of the Beales Properties, should Beales cease to trade. \n \nThe Panther Directors are also aware that the Joint Administrators have stated that they will endeavour to continue to operate all Beales stores as a going concern while they assess options for the business, including dealing with prospective interested parties.\n \nThe Company has no interest in the share capital of Beales and Andrew Perloff, the Chairman of Panther, who previously owned Beales, disposed of his entire family interest in Beales in October 2018.\n \nFor further information:\n\n\n\n\n\n\n\n\n\n\n\nPanther Securities plc:\n\n\nTel: 01707 667 300\n\n\n\n\nAndrew Perloff/ Simon Peters\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAllenby Capital Limited (Nomad and Joint Broker)\n\n\nTel: 020 3328 5656\n\n\n\n\nDavid Worlidge/ Alex Brearley\n\n\n\n\n\n\n \n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Prov...