Business
Response to announcement by Beale Plc
Response to announcement by Beale Plc.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n 22 July 2014\n\n Panther Securities PLC \n\n (\"Panther\") \n\n Response to announcement by Beale PLC \n\nFollowing the announcement by Beale PLC earlier this morning, the Board of\nPanther is disappointed that the Board of Beale PLC unilaterally decided to\nremove Simon Peters, our representative, from the Beale's Board.\n\nPanther and related parties hold 29.72% of the ordinary shares in Beale PLC, of\nwhich Panther holds 19.85% directly.\n\nPanther also owns 11 freehold properties totalling approximately 560,000 sq ft\ni.e., approximately 58% of the square footage that Beale PLC trades from, one\nbeing purchased on deferred terms. Of these properties, five of them are on\nfixed rents totalling £675,000 pa, with nine years remaining on the leases.\nThese rents represent 5.4% of Panther's total rental income as reported in the\nyear ended 31 December 2013.\n\nThe remaining six properties are on more flexible terms with rents based on a\nvery tenant favourable profit share.\n\nRelated parties to Panther also own £7,000,000 preference shares in Beale PLC\nwith an 8% coupon due to accrue from May 2016. They are also the providers of a\nloan of £1,000,000 to Beale PLC, repayable over four years at a rate of 4% over\nLibor per annum.\n\nIn the circumstances, Panther and its related parties will continue their\nsupport for Beales while it is conducive to do so.\n\nAndrew Perloff, Chairman of Panther, commented:\n\n\"I have long held the view that:-\n\n1) It is foolish to upset your Landlord.\n\n2) It is foolish to upset those that provide you with finance.\n\n3) It is foolish for a quoted company to upset its largest shareholder.\n\n4) It is foolish to sack a Director who is knowledgeable, well connected and\nwho does not charge a salary or any expenses.\n\nIn one fell swoop Beales has managed all of these, which must be some type of\nrecord! It is hard to understand their logic.\"\n\n\nFor further information contact:\n\nPanther Securities PLC 01707 667 300\nAndrew Perloff - Chairman \nSimon Peters - Finance Director \n \nSanlam Securities UK Limited 0207 7628 2200\n(Nomad and Joint Broker) \nDavid Worlidge/ Virginia Bull\n ","length":2654,"tagName":"div"}]