Panther Securities Annual Report 2021

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FY2021 Annual Report · Panther Securities

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ANNUAL REPORT &
FINANCIAL STATEMENTS

2021

Company number 00293147

Andrew Perloff

(Chairman)

Joined: 1972

Simon Peters

(Chief Executive &
Finance Director)

Joined: 2004

John Perloff

(Executive
Director)

Joined: 1994

Peter Kellner

(Non-Executive
Director)

Joined: 1994

Bryan Galan

(Non-Executive
Director)

Joined: 1994

Raphael Rotstein

Jack Bispham

(Associate
Finance Director)

Joined: 2017

(Joint Head of
Property)

Joined: 2011

Richard Swan

(Joint Head of
Property)

Joined: 2010

Anthony Kellner

(Solicitor)

Joined: 2006

Vandana Shah

Tom Prevezer

(Finance
Controller)

Joined: 2017

(Junior
Surveyor)

Joined: 2021

Ingrid Tack

(Architectural
Technician)

Joined: 2019

Lee-Anna Mayers

Tara Norrington

(Property
Manager)

Joined: 2014

(Property
Administrator)

Joined: 2018

Yvonne Headlam

Marsha Vaknine

Kerry Howard

(Reception)

(PA to Chairman)

Joined: 2005

Joined: 2017

Joined: 1988

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Contents

Review of the Year

Directors, Secretary and Advisors

The Year in Brief

Chairman’s Statement

Chairman’s Ramblings

Governance Report

Group Strategic Report

Directors’ Report

Corporate Governance

Financial Report

Independent Auditors’ Report on the Consolidated Financial Statements

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Parent Company Statement of Financial Position

Parent Company Statement of Changes in Equity

Notes to the Parent Company Financial Statements

Shareholder Information

Notice of Annual General Meeting

Fifty Year Review

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Directors, Secretary and Advisors

Directors

Andrew Stewart Perloff (Chairman and Chief Executive)**
Bryan Richard Galan (Non-executive)*
Peter Michael Kellner (Non-executive)*
John Henry Perloff (Executive)
Simon Jeffrey Peters (Finance and Chief Executive)**

Company Secretary

Simon Jeffrey Peters

Registered Office

Unicorn House, Station Close, Potters Bar, Herts, EN6 1TL

Company number

00293147

Website

www.pantherplc.com

Auditor

Crowe U.K. LLP
55 Ludgate Hill, London, EC4M 7JW

Bankers

HSBC Bank PLC
31 Holborn, London, EC1N 4HR

Santander Corporate Banking
2 Triton Square, Regents Place, London, NW1 3AN

Shawbrook Bank Ltd
PO Box 878, Newport, NP20 9LJ

Nomad, Financial Advisors
and Joint Brokers

Allenby Capital Limited
5 St Helen’s Place, London, EC3A 6AB

Joint Brokers

Raymond James Investment Services
Ropemaker Place, 25 Ropemaker St, London, EC2Y 9LY

Registrars

Link Group
10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL

Solicitors

Howard Kennedy LLP
1 London Bridge, London, SE1 9BG

Fox Williams LLP
10 Finsbury Square, London, EC2A 1AF

DMH Stallard LLP
6 New Street Square, New Fetter Lane, London, EC4A 3BF

Brodies LLP
110 Queen Street, Glasgow, G1 3BX

Blake Morgan LLP
New Kings Court, Tollgate, Chandler’s Ford, Eastleigh, Hampshire, SO53 3LG

* Member of the Audit Committee and Remuneration Committee
** On 1 January 2022 Simon Peters became CEO, prior to this date it was Andrew Perloff.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

The Year in Brief

Revenue – rents receivable

Profit before tax

Total comprehensive income/(loss) for the year

Net assets of the Group

Earnings per 25p ordinary share
Basic and diluted – continuing operations

Dividend per ordinary share
(based on those proposed in relation to the financial year)

Net assets attributable to ordinary shareholders per 25p ordinary share

* 6p interim paid in February 2022 and 6p final is due to be paid in July 2022.

2021
£’000

13,172

15,922

13,663

97,783

2020
£’000

13,051

2,573

2,357

86,242

76.4p

14.9p

12p*

553p

12p

488p

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Statement

I am pleased to present the results for the year ended
31 December 2021 which shows a profit of £15,922,000
before tax compared to a profit of £2,573,000 before tax
for the previous year ended 31 December 2020.

Of course, once again the figures are substantially
affected by the movement in our swap liabilities
amounting to a reduction of £16,754,000. A large part of
the improvement being due to the market expectation of
future higher interest rates at 31 December 2021,
compared to those anticipated at 31 December 2020.

Even if the balance sheet benefit of interest rate rises are
excluded, our underlying business improved, with our
operating profit for the year under review amounting to
£7,701,000 compared to £6,704,000 for the previous year
ended 31 December 2020 when we had the bulk of the
problems of Covid related reliefs and tenant failures which
we had to deal with and absorb.

Additionally, this year our property management costs
increased by £1,169,000. Just under half were extra
holding and repair costs of the vacant properties we
received back following the Beales business failure, some
of which properties have now been let or sold. Legal costs
were over £300,000 higher, substantially due to the costs
imposed on the Group by our lenders to confirm the
charging arrangements for the refinancing of properties
already charged to our lenders.

Our bad debt charge was much reduced to £286,000
from the £1,629,000 charged last year when the tenants’
problems relating to the pandemic were unknown and
financially not easily quantifiable.

Rents Receivable
Rents receivable for the year ended 31 December 2021
were £13,172,000 compared to the previous year’s
£13,051,000. This was despite loss of rent of £133,000
due to the disposal of factories at Wembley and our
largest tenant vacating Maldon warehouse during the last
two months of the year.

Disposals
There were a number of significant disposals during the
year which produced a total profit of £701,000 on sales of
£15,841,000, seemingly a low profit margin but the
properties had been independently re-valued for the
lenders in December 2020 and July 2021.

Fourth Way, Wembley

Four older style freehold factories producing £254,000 p.a.
sold for £8,700,000. The remaining part of our estate
in Fourth Way, Wembley was retained, producing
£249,750 p.a. and comprises seven more modern single
storey factories totalling 15,783 sq. ft. and held on a ground
lease where the rental payable to our freeholders is 25% of
rental value, reviewed every five years.

37/39 Market Place, Great Yarmouth

An ex-Beales store (previously Palmers)

The vacant freehold was sold to Great Yarmouth Borough
Council for £1,325,000 which showed a profit on book
value. We have retained the freehold of the 70 space
adjoining car park which is managed by Great Yarmouth
Borough Council, on our behalf, which in pre-pandemic
years had produced over £65,000 p.a.

West Molesey

This freehold 36,000 sq. ft. older style factory situated on
a one acre site was sold for £3,900,000 (at book value). It
was let at £267,000 p.a. but with the tenant expected to
vacate at the end of their lease in June 2022.

Mansfield

This former Beales store, now vacant, with approximately
150,000 sq. ft. of multi storey department store space in
need of complete redevelopment or refurbishment, was
sold to Mansfield District Council. This is to be a major part
of their town centre rejuvenation project.

We received £1,500,000 against its book value of
£1,650,000. We retained the part of the former Beales
store that is part of the Four Seasons Shopping Centre,
the main shopping centre for the town. This is a modern
centre and our building contains 27,000 sq. ft. This
adjacent scheme will in due course improve our property
as the town centre rejuvenation takes place. Our interest
is a virtual freehold at a nominal ground rent.

The Quadrangle, Glasgow

We have contracted to sell our site/building at The
Quadrangle, Glasgow, which sits on a corner site of
94,000 sq. ft. on the canal and is ideal for a social housing
development. The price agreed is £1,250,000, subject to
planning which should be received this year. We received
a £100,000 deposit with £65,000 released to us on
exchange as non-refundable.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Statement continued

60 High Street, Sittingbourne

Barry Parade, Peckham Rye

This shop property was sold in May to the tenant for
£450,000. We provided a loan of £350,000 secured on the
property to assist the tenant’s purchase. We charged a
high rate of interest and shortly before the year end the
tenant paid off £150,000 thus leaving £200,000
outstanding due for repayment in May 2023 (post year
end date a further £75,000 was paid).

Acquisitions
In January 2021 we exchanged contracts to purchase a
substantial freehold factory and warehouse in Trowbridge,
Wiltshire, of approximately 96,000 sq. ft. of usable space
situated in approximately six acres of industrial land. This
property is situated on one of the best industrial estates in
Trowbridge where demand should be good. The contract
price agreed is £3,300,000 with a delayed completion of
between 15 and 30 months depending upon timing of the
completion of the vendors’ new building. Should it be
necessary for a further delay, the vendors have agreed to
pay a rent of £340,000 p.a. until they vacate.

This purchase will further diversify our portfolio by adding
this industrial investment. The spread and variety of rental
streams within our portfolio helped us to pass through the
pandemic with relatively few issues.

Completion is now expected in June 2022 and we have
already received approaches for the property, some to
purchase, but we would prefer to let the property and
retain as an investment as with a 9 metre eaves height and
good circulation and loading facilities, it should have a
premium rental value.

Developments

Broadstairs

At long last this development is finished, with Tesco
trading successfully in the shop unit since June 2021 and
all twelve flats will shortly be fully let on assured shorthold
tenancies and producing a combined total rent of
£185,000 p.a. This is a quality addition to our portfolio.

Swindon

The problems with regard to the council’s requirements
for this scheme have nearly been resolved allowing us to
move forward shortly with the planning permission. The
redevelopment of this site in the centre of Swindon will
soon proceed to the next stage.

This potentially attractive scheme is still delayed by
the council’s ever changing and increasing costly
requirements. We are still working on our appeal to take it
out of the intransigent council’s hands.

Peterborough

The former Beales store in Peterborough, currently partly
occupied by New Start 2020 Limited, trading as Beales, is
in the final stages of preparation prior to submitting a
planning application for a large mixed-use development
of shops/offices and 125 residential units whilst retaining
a substantial part of the existing attractive Edwardian brick
building façade. The current older style department store
contains approximately 145,000 sq. ft. of space unsuitable
for current retail markets.

Tenant Activity
During the year we also let or renewed circa 110 tenancies
– the overall movement in the annual rent roll (letting and
losses) resulted in a reduction of approximately £664,000.
This decrease was primary due to the loss of our tenant in
Maldon in November 2021 which had a negative effect on
the rent of £600,000 p.a. but was offset by two new
factory lettings at Tenbury Wells at rents totalling
£170,000 p.a. The Tenbury Wells letting was particularly
pleasing as these factories had been vacant for a number
of years.

In addition to the above reduction in annual letting income,
we provided approximately 30 tenants concessions to
assist where possible at a total cost of £230,000 for the
year (however these are one off short term concessions
and not permanent adjustments to our rental income).

Fortuitously in March 2022 about four months after
vacating, our former tenants at Maldon had their trading
situation pick up sufficiently to re-rent the Maldon
warehouse at £800,000 p.a., £150,000 p.a. higher than
their previous rent. These additional rent benefits will be
shown in our 2022 accounts.

As such if one adds back the Maldon annual rent lost in
2021 (as it was relet at a higher rent in early 2022), the
headline annual rent roll was effectively pretty flat for the
year, which is a good result given that the letting market in
2021 was again overshadowed by COVID-19.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Statement continued

Beales Stores
I have already mentioned the planning exercise for
Peterborough, the sale of Great Yarmouth and Mansfield,
and as previously mentioned the lettings of part of the
stores at Keighley and Beccles, plus fully letting Skegness
in 2020. There are also a number of negotiations on parts
of other former Beales stores, some of which may come
to fruition soon.

Post Balance Sheet Events
Since the year end, as mentioned above, we re-let the
Maldon factory at £800,000 p.a. (mentioned above) and
we have exchanged a conditional contract for the sale of
the vacant freehold shop and upper part in Clayton Street,
Newcastle Upon Tyne for £940,000 which is above
book value.

Staff
I have to give special thanks to all our staff who had to work
another year with much more complicated arrangements
due to Covid restrictions which caused problems for many
of our tenants and consequently extra management time
on our portfolio.

Loans
On 16 July 2021 we finally completed our refinance which
consisted of a £66,000,000 loan for a three year period as
a club facility jointly lent by HSBC and Santander. The loan
has a term element of £55,000,000 and a more flexible
revolving element of £11,000,000 which gives us the
ability to pay down and redraw over the three year term.

The £66,000,000 was fully drawn but with the net
proceeds from disposals we repaid our revolving facility.

The new loan is a more conservative facility agreement
than we are used to with a headline loan-to-value
covenant of 55%, when historically it had been around
65% (which used to be considered conservative!). The
extra cautious nature shown by the lenders is also
reflected by the smaller loan facility arranged (previously
we borrowed £75,000,000 which is now £66,000,000).

The Banks also increased the margin from 1.95% to
2.70%. However, on 1 December 2021 we had a
prearranged reduction in our fixed rates on £25 million of
our loan, the saving in lower fixed rates being a bigger
offset than the increase in costs from the higher loan
margins now current.

Even though this was a much tougher and less generous
refinancing, we appreciated our lenders’ position and do
not take their continuing support for granted. We have had
a very amicable banking relationship with HSBC for nearly
40 years and Santander for over 10 years. This refinancing
was the third iteration of this joint club loan.

Swap restructuring
In February 2021, the Group paid £5 million to vary a long-
term swap agreement. The agreement varied was an
interest rate swap fixed at 5.06% until 31 August 2038 on
a nominal value of £35 million and has circa 16.5 years
remaining. Following the Group’s variation, the Group’s
fixed rate will drop on 1 September 2023 to 3.40% saving
the Group £581,000 p.a. in cash flow until the end-point
of the instrument.

Charitable Donations
In March 2022, the Group donated £20,000 to the Daily
Mail Ukrainian appeal. We also made our other regular
donations in the year including £10,000 to Land Aid and
other smaller contributions being mainly adverts within
charity programs or diaries.

Dividends
We paid a 6p share interim dividend for the year ended
31 December 2020 on 2 July 2021, and a further 6p per
share final dividend for that year on 14 October 2021. We
paid an interim dividend of 6p per share on 9 February
2022 for the year ended 31 December 2021.

Subject to shareholder approval at our Annual General
Meeting on 15 June 2022, the final dividend of 6p per
share will be payable on 20 July 2022 to shareholders
on the register at close of business on 1 July 2022
(ex-dividend on 30 June 2022).

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Statement continued

Prospects
It is now 50 years since I, my brother and Malcolm Bloch,
took over the tiny, publicly quoted Levers Optical Co Ltd in
1972, which we turned into Panther Securities PLC, a
successful property company that has continuously paid
dividends (and where appropriate special dividends) for
the last 40 years, so much so that I personally have not had
the necessity to take a salary or receive a pension
contribution for over 16 years and 25 years respectively.

In last year’s accounts I announced that Simon Peters
would be taking over as Chief Executive Officer, but I
would continue as Chairman. This will allow me to extend
my weekend to include Fridays, which will give me more
time for my personal interests.

We have a loyal and experienced team that continue to
perform successfully.
It is worth repetition that our
widespread portfolio of different types of properties,
mostly producing rental
income and many with
development potential, provide a safe cover for all our
interest payments and management costs.

We also have excellent relationships with our bankers,
accountants, solicitors, agents and all other professionals
needed to operate a widespread property business.

Thus, as always, I look forward to the Group’s continuing
success.

Finally, I repeat my thanks to our small but dedicated team
of staff, growing team of financial advisers, legal advisers,
agents and accountants for all their hard work during the
past year. Special thanks and good wishes to our tenants
and I hope they are able to overcome the present troubled
environment and make a full and profitable recovery.

Andrew S Perloff
Chairman

22 April 2022

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Ramblings

We often buy properties or enter into transactions with
people we have dealt with before, many of them friends
who we know and trust. On one occasion a few years ago,
I was buying a property from a friend. When he provided
me with the information required, I began checking all the
details and relevant matters. He was a little put out and
asked “Don’t you trust me? Do you think I would lie to
you?”. I replied, “Of course I trust you but let me tell you a
story”, which I recount now.

When I was young and fancy free, I had a small group of
close friends, one of whom, like me, had more flexibility
with his holiday arrangements.

In 1967, when we were both 23, we decided to take a
holiday in Southern Spain and to make it more exciting
would drive there in my Triumph Herald convertible, both
taking turns to drive. My friend somehow had found and
booked a tiny one-bedroom bungalow right on the beach
at Torremolinos. The journey took 3 days, overnighting
at Biarritz and Madrid before continuing down the centre
of Spain.

This was before most motorways and other than the towns,
we encountered little traffic and thus it was a great drive on
long straight tree lined roads in France. In Spain, I seem to
recall the roads were good for some miles out of major
towns but then, without notice, suddenly they were without
a tarmac surface. However, the journey is not the story!

We had a wonderful time being on a hot, clean beach with
the all-day sun and warm sea and many, many other young
holidaymakers, also out for a good time. Surprisingly the
cottage, although furnished but dated, was perfect with
working cooking facilities even we were capable of using!
The sun shone every day, and so it should in Southern
Spain in early September.

My friend would always come up with ideas and suggested
a day trip whereby we could drive to Malaga and catch a
ferry to Tangier which was about a four hour crossing. This
sounded exciting so one day we drove to Malaga very early
and parked for free in the harbour car park. When we
walked up to buy ferry tickets I began to have doubts when
I saw the age and small size of the ferry boat. Expressing
my fears, my friend reassured me with his expert
knowledge of the sea and weather (as he was a keen
fishing enthusiast). “Look how sunny and calm the water
is,
it’s only about 35 miles away and because the
Mediterranean is an enclosed sea with land all round, it
won’t ever get rough”. With this logical explanation, my

fears gone and feeling reassured, we bought our tickets
and boarded the ferry with about 100 other travellers.

My friend was correct. It was a beautifully smooth crossing
and we stood on the deck and watched flying fish and a
pod of dolphins follow alongside the boat for half the
journey. We arrived safely on time at the port in Tangier
where a guide waiting for tourists convinced us that for a
few dirhams he would show us round the Kasbah and the
modern town for most of the 6 hours we were there.

About 5.00 pm we caught the ferry for our return journey.
As we boarded we noticed there was some light rain.
There were also fewer people on the return journey but
we were relaxed and happy to sit on one of the on deck
deckchairs. As soon as we were out of the harbour the
seas became more choppy but not enough to worry me.

An hour or so out and already dark, the water became much
rougher with torrential downpours of rain and lightning in
the distance gradually getting closer. Most of the
passengers on deck went downstairs whilst crewmembers
collected deckchairs and put them in secure trunks chained
to the deck. The sea grew rougher with 25 ft waves and the
boat rose high up and down with the swell. I was petrified
but stayed on deck thinking if the boat sank I could at least
float on a deck chair! My friend turned green and went
downstairs! I faced my expected demise, with thoughts of
all I would miss out on but after another two hours of rocky
seas and bad weather, drenched to the skin (the rain was
warm), I could see the lights of Malaga and was overcome

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Ramblings continued

with relief when we made it into the much calmer harbour.
Shortly afterwards, we disembarked with many of the
passengers making the sign of the cross as they stepped
off the boat onto land. I nearly converted and joined them in
their thanksgiving prayer but instead I wobbled unsteadily
on my feet until I reached my car. That night we slept better
than ever before, and probably since!

of water flooded out. We then went back to the cottage
to fetch saucepans and frying pans which we used to bail
out the rest of the water. We pulled out all the floor
carpeting and left it on the wall for the sun to dry it out.
Once we had done all we could to remedy the situation, I
tried to start the car. It started immediately which was a
great relief as we were due to leave 2 days later.

The sun stayed bright and hot for the rest of our holiday
and the carpets dried out but the car stank of damp carpet
which we had to put up with for the three day drive home,
and it smelt for many months afterwards.

The moral to these stories was that my friend had never
and would never have deliberately lied to me but his
knowledge and information was wrong and over the years
I began to realise that you should always check
information given to you which you need to rely on, even
if given by an absolutely trustworthy and honest friend.

Of course, there was a further related story to crystallise
and embed my thoughts on careful investigation.

About twelve years after my Spanish holiday, my business
was still recovering from the property crash of the
mid-seventies and therefore we were trading properties
long-
for quicker profits rather
term investment.

than buying for

One of our most trusted agents approached us with an
attractive deal. One of his other clients had contracted to
buy a portfolio of 29 freehold, very secondary separate
shops spread out amongst many Northern towns. The
total contractual price was £125,000 and produced a good
rental. The client was a one-man operator and felt it was
too much work for him to deal with the entire portfolio so
the contract was offered to us for £5,000.

The holiday was fast ending so after a whole day on the
beach with clear blue skies and sunshine, followed by a late
night out at a crowded dancing and drinking club, we drove
back to our beach cottage and parked on a small side road,
about two hundred yards away. I suggested we could put
the hood up but as it took a while to erect and we were tired,
I asked my friend if we should leave it open as the sky was
clear, without a cloud in sight, the weather hot and I asked
him if he thought it might rain. He said it was very rare for it
to rain in Torremolinos in September and as there had been
a storm and heavy rain the previous week it was unlikely to
rain again. With his sage advice we went home to bed.

About 6.30am I woke up to rattling on the roof. We realised
it was rainfall, looked out of the door and it was bucketing
down. We had no rainwear so hoped it would stop soon
and as the car was probably already very wet, there was
little we could do. We went back to sleep until after 10am.
When we arose we were correct in our assumption as the
sun was shining and it was beautiful outside.

We walked to the car and found the passenger section
contained over 1 foot of water and looking like a small
garden pool, we opened the doors and the top nine inches

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Ramblings continued

Speed was essential so we signed up within days even
though we did not have time to physically view any of the
properties, but we had the individual photos and tenancy
details which had been checked by his solicitors.

We took on the project with gusto for selling on the
individual properties to friends and clients.

A close friend purchased two separate shops, one in a
small town called Ossett let to a local baker, thus giving us
a £2,500 profit, he too taking our details and photos as
correct and with a view to putting one of the properties
up for sale by auction after an imminent rent review had
been agreed.

Prior to the auction, his surveyor viewed the property to
negotiate the rent review. To his surprise, and ours, the
photos of the property, which showed a nice small shop
with a van outside with the baker tenant’s livery clearly
shown on its side, were not outside the correct property.

Our property was round the corner in a lesser quality
position. It became obvious that the photographer had
taken the photo and was fooled by the firm’s van being
parked on the main road as it could not easily park outside
the actual property because of a one-way system. The
surveyor was most disturbed by the error as the shop
tenant was a butcher who was so indignant that he chased
him out waving a butcher’s cleaver!

The property went to auction with correct photos, the
other details unchanged, and I was pleased to see my
friend made a reasonable profit. Therefore, everyone
concerned was happy. So properly checking facts became
well embedded in my thoughts, even when dealing with
honest and trustworthy friends.

In previous ramblings I have mentioned over my many
years in business that I have come across numerous M.P.s
and, of course, my conversations usually turn to business
and its problems, caused by ill thought out legislation and
excessive or illogical taxes. They have invariably all seemed
sympathetic and promised to look into the problems to
try and help.

The one common conclusion I came to was that none
had any intimate understanding of how businesses
fully understood the ramifications or
worked or
unintended consequences of their legislation, and this
seemed to be due to their lack of working outside of the
bureaucratic government bubble.

It was obvious that they relied on civil servants to
produce the information they required to guide
reformative legislation.

It is generally known that government taxation has
destroyed the department store sector. This sector has
been so beneficial to our country for over a hundred and
fifty years and was one of the backbones of the free
enterprise and capitalist system. This sector of retailing
provided the anchor to the high street, and thus the
surrounding community, providing easy accessible and
flexible employment for the many hundreds of thousands
of youngsters who are not wanting a full-time working and
lifetime career, mainly young women, many who do not
want to have full-time education for a further 3 years and
be loaded with student loan debt.

For a number of years I have argued the absurdity of the
current business rates system failing to change with the
retail markets’ technological advances which gave terrific
financial advantage to new business that could operate
without a large property presence and much reduced
staff levels.

The existing system, built on rental values, had a
substantial safety valve built in by having values revalued
every five years. However, constant gerrymandering of
the system has substantially killed off the department
store sector and debilitated the high street. The mistakes
began to accentuate when they deferred the revaluation
in 2015 by two years, “an obviously stupid mistake”. This
caused the already out of kilter values to become more
lopsided for another two years so they then brought in a
phasing system which only a moron could have devised.

This made those traders who desperately needed and
were entitled to very large reductions by virtue of the
lower trading and rental values of their premises to only
receive a 5% annual reduction (even if the calculations
showed a 50% reduction was the appropriate figure) whilst
those who were doing very well only paid a token increase,
with this paltry reduction as reduced by an inflation linked
upward adjustment every year.

Many retailers did not receive the correct full reduction
before the next revaluation was due. The department
store sector, with many previously successful retail
businesses collapsed into Receivership etc., helped along
by forced closures because of the COVID-19 pandemic.
To top it all, the government then deferred the revaluation
a further two years.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Ramblings continued

I believe it was Einstein who said “To repeat an experiment
or action and expect a different result is the first sign
of madness”.

I have just read that the government have announced that
they will introduce new laws to allow local authorities to
compulsorily/force landlords of shops vacant for over 6
months to rent out to the highest bidder chosen by them.

There will be monumental hurdles to overcome, i.e., who
pays for repairs, who is responsible if rent or rates are not
paid? How long will lease lengths be forced upon reluctant
landlords and what if a property is being held for
development, will there be compensation for landlords
loss of value? Will banks be precluded from calling in loans
secured upon the property if the values falls?

This is gesture politics to shift blame for government
incompetence to blameless landlords.

As government policies are sometimes so shortsighted, I
can’t help feeling that some of the anonymous civil
servants have a deliberate agenda to undermine the free
enterprise and capitalist system. Thus their long salami
style regulations and taxation attacks, and now proposed
extra compulsory costs put upon Landlords and the
business community, is deliberate by people either in
the pay of communist governments or supporters of
Marxist regimes.

At my grammar school, I was not an attentive pupil and
there was much I regret. I did not put much effort into
lessons, but for some teachers it paid to pay more
attention and keep alert. One such teacher was Mr Blake,
the geography teacher, who had a tendency to throw the
blackboard rubber at pupils who were not paying attention.
This wooden backed sausage shaped cloth was often
used as a well-aimed missile, which often hit its mark.

In one lesson, which I recall was about our country’s
mineral resources, I was not concentrating, thus the well-
aimed missile suddenly flew towards me, I ducked and it
hit the boy behind me causing much class amusement. I
was then forced to listen to his repeat of what he was
trying to instil in us all, that the UK would never be short of
energy because most of our country sat on vast beds of
coal which triggered the Industrial Revolution and made
Great Britain an industrial powerhouse.

So now some sixty years later, I am wondering was he
wrong, what happened to all these vast energy resources

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which had been augmented by the discovery of vast
reserves of North Sea oil and gas and in recent times with
new technology giving us the ability to release huge gas
reserves still trapped in rock strata beneath our soil?

Currently, our household energy costs are colloquially
going through the roof as well as literally. It is all down to
central government mistakes. Their legislation, i.e., MPs
on information provided by their largely anonymous
advisors that most fuels create carbon emissions and
should be eliminated to protect our world from dying
because of global warming caused by man using these
fossil fuels. Our world has been evolving for billions of
years, and even if our government were correct in their
assumptions, with the UK only producing 1% of these
global emissions, whatever measures they take will make
no noticeable difference.

If we need 1,000,000 tons of special type of coal for
specialist production, if we have to import it from a third
world country because we are legislatively prevented from
digging up our own coal, surely that creates additional
carbon emissions for the long distance transport involved.

This will be the same for oil and gas so why do we impoverish
our nation by shutting down our own production?

The reason once again is Gesture Politics. It sounds good
to protect the environment for our great grandchildren’s
future – IS THE PRESENT FINANCIAL PAIN WORTH IT?
Will further generations be financially able or allowed to
have families?

The result of our country’s carbon reduction initiative is
extremely painful for most people, especially families at
the lower end of the income scale. Those in the middle
will manage but will find their existing living style needs to
be lowered.

The price of energy was already rising disproportionately
because of our present governments green taxes and
carbon reduction policies.

This was probably one of the main reasons the Russian
dictatorship felt it could get away with invading Ukraine,
which besides creating misery for millions of people, and a
huge refugee crisis, caused a further increase in world
energy costs, whilst they knew they were self-sufficient,
and how large parts of Europe depended upon having
Russia export oil/gas to them.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Chairman’s Ramblings continued

Russia has always been a rogue state and this outcome was
definitely foreseeable, and the risks could have been
considerably reduced if we had continued and expanded
our self-generated, under our feet energy capabilities, and
especially fracking which could produce quicker returns
than other alternatives with little environmental problems.
Certainly fewer problems than an extra 4,000,000 refugees
flooding Europe would cause, or being forced into a ground
war with Russia. Russia would inevitably be the eventual
loser of a war of which everyone would be losers.

The people of this country are paying a heavy financial price
for our government’s incompetence and unfortunately
listening to the noisiest protestors who are a small minority,
usually financially protected from the worst of the financial
pain befalling upon the majority of the hard working, family
orientated population.

Yours

Andrew S Perloff
Chairman

22 April 2022

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report

About the Group
Panther Securities PLC (“the Company” or “the Group”)
is a property investment company quoted on the AIM
market (AIM). Prior to 31 December 2013 the Company
was fully listed and included in the FTSE fledgling index. It
was first fully listed as a public company in 1934. The
Group currently owns and manages over 900 individual
property units within over 120 separately designated
buildings over the mainland United Kingdom. The Group
specialises in property investing and managing of good
secondary retail, industrial units and offices, and also
owns and manages many residential flats in several town
centre locations.

Strategic objective
The primary objective of the Group is to maximise long-
term returns for our shareholders by stable growth in net
asset value and dividend per share, from a consistent and
sustainable rental income stream.

Progress indicators
Progress will be measured mainly through financial
results, and the Board considers the business successful
if it can increase shareholder return and asset value in the
long-term, whilst keeping acceptable levels of risk by
ensuring gearing covenants are well maintained.

Key ratios and measures

Gross profit margin (gross profit/turnover)

Gearing (debt*/(debt* + equity))

Interest cover**

Finance cost rate (finance costs excluding lease
portion/average borrowings for the year)

Yield (rents investment properties/average market
value investment properties)

Net assets value per share

Earnings/(loss) per share – continuing

Dividend per share***

Investment property acquisitions

Investment property disposal proceeds

2021

65%

36%

2020

73%

42%

2019

76%

41%

2018

71%

39%

1.72 times

1.34 times

2.14 times

4.17 times

7.5%

7.0%

7.1%

6.6%

7.9%

553p

76.4p

12.0p

£0.5m

£15.8m

7.8%

488p

14.9p

12.0p

£5.5m

£0.7m

8.8%

480p

(23.1)p

12.0p

£8.1m

£1.1m

7.7%

532p

39.9p

27.0p

£3.9m

£40.8m

***

Debt in short and long term loans, excluding any liability on financial derivatives

Profit before taxation excluding interest, less movement on investment properties and on financial instruments and impairments, divided by
interest (excluding lease portion)

Includes 2018:15p per share special dividend

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

Business review
The Group’s underlying performance bounced back
following the negative effects of COVID-19 pandemic
with the operating profits being £1m stronger, this was
despite more holding costs on vacant properties resulting
in a lower gross profit margin. This was mainly due to a
much lower bad debt charge being required in 2021
compared to that
the year ended
31 December 2020 during the COVID-19 pandemic.

required for

The property values improved slightly following an
independent valuation at the half year and a directors’
valuation at the year-end.

The most significant impact on the income statement
was the sizeable improvement of the swap liability
(derivative financial
liabilities) by £16.8 million. The
reduction in the liability is approximately half due to our
actions of paying a premium to exit the swap and re-enter
a new more beneficial arrangement for a £5m premium at
an estimated discount of £3.3m (this is explained in more
detail under Financing below). The remainder of the
improvement in our swap liability position is mainly in
relation to the change in market expectations of higher
future interest rates (leading to a lower liability).

The other main feature of 2021 was the large disposals
undertaken, this does not affect the profits significantly in
the income statement as the increase in values were
recognised in the 2020 accounts (following the
independent valuation at 31 December 2020), but now
have been realised. It does however have a large impact on
cash flow generation. Therefore, even though the Group
showed £0.7m of profit it produced a significant £15.8m of
cash. There was a good mixture within the disposals, some
a result of the Group taking advantage of the booming
market in industrial properties but other disposals being
vacant department stores, with no income being lost.

The consolidated statement of cash flows, shows the
cash generated in the operating activities had improved
to £2.98m (2020 – £2.61m). The operating activities or
stronger
shows
underlying
improvement if the tax effect is stripped out as we had to
pay tax in 2021 but had a repayment in 2020.

business

even

In terms of the statement of financial position the Group
saw improvement in its asset value with the net asset
value per share now being 553p (2020 – 488p per share).

Through the many downward economic cycles and in
particular, the COVID-19 pandemic, the most important

resilient,

plank within the Groups business plan is the balance within
the portfolio between different asset classes and its
income streams these
resulting diverse,
investments provide. Over the last couple of years, the
industrial properties and the secondary “local” retail
investments have performed the best in terms of growth
in values and/or importantly in terms of income collection.
We also benefit from having properties with residential
elements or planning potential, mainly in the southeast.
As explained in the 2020 annual report (and worth
repeating), we have seen that the secondary local
shopping parades hold up well
in the pandemic. The
traders in these properties have managed to survive and
some even flourish. As even though lockdowns meant
closures, many were considered essential and most
benefited from additional local footfall whilst people were
not commuting into major towns or city centres. We also
saw our smaller tenants adapt better and were more
flexible in their approach, as well as the government help
being more meaningful for covering their fixed costs.

We feel the pandemic has proven that our business model
investing in a diversified selection of property
of
investments rather than specialising is the correct one
and provided adequate income for all our requirements.

It is still our view, as the economy opens up, that
secondary retail properties (which is a large part of our
portfolio – over half of our value) will be less affected by
the seismic change to shoppers’ habits. The average
secondary retail parade has a higher proportion of
businesses, which are providing non-retail offerings even
though they are shops.

This includes service providers, restaurants or take away
use, or convenience offerings, which are by their very
nature less affected than pure destination retail, or by
changing consumer habits, and in many instances, the
Web even provides additional opportunities i.e. being able
to offer their take away services via Just Eat etc. Even our
more traditional high street or pure retail positions are
mainly large blocks in the centre of towns – which we
believe will benefit from longer-term regeneration plans
from the Government and local councils for town centres.
As such, if and when some retail locations become less
viable, we believe we can create value from these sites
with planning permission to eventually give them other
uses or purposes. In the meantime, they continue in the
most part to be strong cash contributors providing high
returns on initial investment.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

Going forward

Financing

We highlighted two issues that would impact 2020 in the
2019 report and accounts being COVID-19 (which has
accelerated structural changes in how businesses
operate) and demise of Beales. These two issues were the
large factors in 2021 and will continue to impact 2022 but
less so. We are working our way repurposing the former
Beales properties, we have let some and sold two vacant
properties – the management team believe there is still a
lot of potential upside in the remaining properties. The
down side in the remaining vacant department store
properties is already reflected in their valuations, so we
believe we can do well on this low base, adding further
long-term income, and making some capital profits on
disposal. We believe the external valuations are prudent
but time will be the true judge.

Following the disposals and repayment of a large part of
facility, we are de-geared and have significant cash for a
Group of our size. We are in a strong position to take
advantage of opportunities to buy in new investments but
over the next couple of years, we see proportionally more
future benefit coming from within the existing portfolio.
The Group is aiming to unlock the value contained within
the portfolio, such as by obtaining planning permissions
on those with residential value and through lettings of
vacant space, including the former Beales properties.

The economy may be entering a higher interest and high
inflation environment. We have fixed interest swaps
which will protect us from any interest increases. On
the inflation, the make-up of property companies
naturally protects the business as property investments
should go up in line with inflation whilst the loans real value
effectively decreases.

COVID-19

We believe as a board that we are through the worst of this
now, but even if there are more hurdles any resulting
negative situations will be less uncertain, we have a lower
level of borrowing, and strong cash reserves.

There are always uncertainties and COVID-19 was an
extreme example, uncertainties can affect property prices
in the short term, however the board continues to believe
we are protected by our portfolio’s diversity, experienced
management team, ability to adapt and by having access
to funds. We have low gearing levels, supportive lenders
and cash reserves.

The Group refinanced its facilities in the year and agreed a
£66 million facility for a three-year term from July 2021.

At the Statement of Financial Position date, the Group
had £13.4m of cash funds, £11m available within the
loan facility.

Financial derivative

We have seen a fair value gain (of a non-cash nature) in our
long term liability on derivative financial instruments of
£16.754m (2020: £5.498m fair value loss). Following this
gain the total derivative financial
liability on our
Consolidated Statement of Financial Position is £15.3m
(2020: £32.0m). The Group’s swap (financial derivatives)
position is at its lowest liability since December 2013.

In November 2021 a £25m swap finished which was at a
fixed interest rate of 4.63% and has been replaced by one
at 2.01% which will show a saving in interest costs of circa
£654,000 per annum compared to the historic position.

In February 2021 the Company paid £5,000,000 to vary a
long-term swap agreement. The agreement varied was
an interest rate swap fixed at 5.06% until 31 August 2038
on a nominal value of £35m and has circa 17.5 years
remaining. Following the variation, the Group’s fixed
rate will drop on 1 September 2023 to 3.40% saving the
Group £581,000 p.a. in cash flow until the end point of
the instrument.

These financial instruments (shown in note 27) are interest
rate swaps that were entered into to remove the cash flow
risk of interest rates increasing by fixing our interest costs.
We have seen that in uncertain economic times there can
be large swings in the accounting valuations.

Small movements in the expectation of future interest
rates can have a significant impact on their fair value; this
is partly due to their long dated nature. These contracts
were mostly entered into in 2008 when long term interest
rates were significantly higher. In a hypothetical world if we
could fix our interest at current rates and term we would
have much lower interest costs. Of course, we cannot
undo these contracts that were entered into historically,
without a significant financial cost, but for accounting
purposes these financial instruments are compared to
current market rates, with the additional liability compared
to the market rates, as shown on our Statement of
Financial Position.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

Financial risk management

The Company and Group operations expose it to a variety
of financial risks, the main two being the effects of
changes in credit risk of tenants and interest rate
movement exposure on borrowings. The Company and
Group have in place a risk management programme that
seeks to limit the adverse effects on the financial
performance of the Company and Group by monitoring
and managing levels of debt finance and the related
finance costs. The Company and Group also use interest
rate swaps to protect against adverse interest rate
movements with no hedge accounting applied. Mark-to-
market valuations on our financial instruments have been
erratic due to current low market interest rates and due
to their long term nature. These large mark-to-market
movements are shown within the Income Statement.

However, the actual cash outlay effect is nil when
considered alongside the term loan, as the instruments
have been used to fix the risk of further cash outlays due
to interest rate rises or can be considered as a method of
locking in returns (difference between rent yield and
interest paid at a fixed rate).

Given the size of the Company and Group, the Directors
have not delegated the responsibility of monitoring
financial risk management to a sub-committee of
the Board. The policies set by the Board of Directors
are implemented by the Company and Group’s
finance department.

Credit risk

The Company and Group have implemented policies that
require appropriate credit checks on potential tenants
before lettings are agreed. In many cases a deposit is
requested unless the tenant can provide a strong personal
or other guarantee. The amount of exposure to any
individual counterparty is subject to a limit, which is
reassessed annually by the Board. Exposure is reduced
significantly due to the Group having a large spread of
tenants who operate in different industries.

Price risk

The Company and Group are exposed to price risk due to
normal inflationary increases in the purchase price of the
goods and services it purchases in the UK. The exposure
of the Company and Group to inflation is low due to the
low cost base of the Group and natural hedge we have

from owning “real” assets. Price risk on income is
protected by the rent review clauses contained within our
tenancy agreements and often secured by medium or
long-term leases.

Liquidity risk

The Company and Group actively manage liquidity by
maintaining a long-term finance facility,
strong
relationships with many banks and holding cash reserves.
This ensures that the Company and Group have sufficient
available funds for operations and planned expansion or
the ability to arrange such.

Interest rate risk

The Company and Group have both interest bearing
assets and interest bearing liabilities. Interest bearing
assets consist of cash balances which earn interest at
fixed rate when placed on deposit. The Company and
Group have a policy of only borrowing debt to finance the
purchase of cash generating assets (or assets with the
potential to generate cash). We also use financial
derivatives (swaps) were appropriate to manage interest
rate risk. The Directors revisit the appropriateness of this
policy annually.

Principal risks and uncertainties of the Group
The successful management of risk is something the
Board takes very seriously as it is essential for the Group to
achieve long-term growth in rental income, profitability
and value. The Group invests in long term assets and
seeks a suitable balance between minimising or avoiding
risk and gaining from strategic opportunities. The Group’s
principal risks and uncertainties are all very much
connected as market strength will affect property values,
as well as rental terms and the Group’s finance, or term
loan, whose security is derived primarily from the property
assets of the business. The financial health of the Group is
checked against covenants that measure the value of the
property, as a proportion of the loan, as well as income
tests. The two measures of the Group’s finances are to
check if the Group can support the interest costs (income
tests) and also the ability to repay (valuation covenants).

The Group has a successful strategy to deal with these
risks, primarily its long lasting business model and strong
management. This meant the business had little or no
issues during the 2008 financial crisis, which some
commentators say was the worst financial crisis since the

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

Great Depression of the 1930s. The COVID-19 crisis also
showed the resilience of the investments income stream
and the good management in particular the disposals
degearing the business made in 2018 and 2021.

Market risk

If we want to buy, sell or let properties there is a market
that governs the prices or rents achieved. A property
company can get caught out if it borrows too heavily on
property at the wrong time in the market, affecting its loan
covenants. If loan covenants are broken, the Company
may have to sell properties at non-optimum times (or
worse) which could decrease shareholder value. Property
markets are very cyclical and we in effect have three
strategies to deal with or mitigate the risk, but also take
advantage of this opportunity:

Strong, experienced management means when the
market is strong we look to dispose of assets and
when it is weak we try and source bargains i.e. an
emergent strategy also called an entrepreneurial
approach.

2) The Group has a diversified property portfolio and
maintains a spread of sectors over retail, industrial,
office and residential. The other diversification is
having a spread regionally, of the different classes of
property over the UK. Often in a cycle not all sectors
or locations are affected evenly, meaning that one or
more sectors could be performing stronger, maybe
even booming, whilst others are struggling. The
strong investment sectors provide the Group with
opportunities that can be used to support slower
sectors through sales or income.

3) We invest in good secondary property, which tends
to be lower value/cost, meaning we can be better
diversified than is possible with the equivalent funds
invested in prime property. There are not many
property companies of our size who have over 900
individual units and over 120 buildings/locations.
Secondary property also, very importantly, is much
higher yielding which generally means the investment
generates better interest cover and its value is less
sensitive to market changes in rent or loss of tenants.

Property risk

As mentioned above we invest in most sectors in the
market to assist with diversification. Many commentators

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consider the retail sector to be in period of severe flux,
considerably affected by changing consumer habits such
as internet shopping as well as a preference for
experiences over products. Of the Group’s investment
portfolio, retail makes up the largest sector being circa 60
to 65% by income generation. However, the retail sector
is affected to lesser degrees in what we would describe as
neighbourhood parades, as opposed to traditional
shopping high streets. The large part of our retail portfolio
is in these neighbourhood parades, meaning we are less
affected by consumer habits and even benefit from some
of the changes. Neighbourhood parades provide more
leisure, services and convenience retail.

For example we have undertaken a few lettings to local or
smaller store formats, to big supermarket chains, which
would not have taken place many years ago. Block policy is
another key mitigating force within our property risks.
Block policy means we tend to buy a block rather than one
off properties, giving us more scope to change or get
substantial planning if our type of asset is no longer
lettable. The obvious example is turning redundant
regional offices into residential. In addition by having a row
of shops, we can increase or reduce the size of retail units
to meet the current requirements of retailers.

Finance risk

The final principal risk, which ties together the other
principal risks and uncertainties, is that if there are severe
adverse market or property risks then these will ultimately
affect our financing, making our lender either force the
Group to sell assets at non-optimal times, or take
possession of the Group’s assets. We describe the above
factors in terms of management, business model and
diversification to help mitigate against property and market
risks which as a consequence mitigate our finance risk.

The main mitigating factor is to maintain conservative
levels of borrowing, or headroom to absorb downward
movements in either valuation or income cover. The other
key mitigating factor is to maintain strong, honest and
open relationships with our lenders and good relationships
with their key competitors. This means that if issues arise,
there will be enough goodwill for the Group to stay in
control and for the issues to resolve themselves and
hopefully save the situation. As a Group we also hold
uncharged properties and cash resources, which can be
used to rectify any breaches of covenants.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

Other non-financial risks
The Directors consider that the following are potentially material non-financial risks:

Risk

Reputation

Impact

Action taken to mitigate

Ability to raise capital/deal flow
reduced

Act honourably, invest well and be prudent.

Regulatory changes

Transactional and holding costs
increase

Seek high returns to cover additional costs.
Lobby Government – “Ramblings”. Use advisers when necessary.

People related issues

Loss of key employees/low
morale/inadequate skills

Computer failure

Loss of data, debtor history

Asset management

Wrong asset mix, asset
illiquidity, hold cash

Maintain market level remuneration packages, flexible working
and training. Strong succession planning and recruitment.
Suitable working environment.

External IT consultants, backups, offsite copies. Latest virus
and internet software.

Draw on wealth of experience to ensure balance between
income producing and development opportunities. Continued
spread of tenancies and geographical
location. Prepare
business for the economic cycles.

Acts of God
(e.g. COVID 19)

Weather incidents, fire,
terrorism, pandemics

Where possible cover with insurance. Ensure the Group carry
enough reserves and resources to cover any incidents.

Section 172(1) statement
This is a reporting requirement and relates to companies
defined as large by the Companies Act 2006, this includes
public companies as otherwise the Group would not be
considered large.

Each individual Director must act in the way he considers,
in good faith, would be the most likely to promote the
success of the company for benefit of its members as a
whole, and in doing so the Directors have had regard to
the matters set out in section 172(1) (a) to (f) when
performing their duty under section 172.

The matters set out are:

(a)

the likely consequences of any decision in the long
term;

The longer term decisions are made at board level ensuring
a wealth of experience and a breadth of skills. The value
creation in the business is mainly generated by buying the
investments at the right time in the financial cycles, whilst
reducing risk by choosing assets that have alternative or
back up values to the current use, as well as initial values. It
is also key that long term decisions are made in respect of

ensuring that property assets are maintained, where
economically viable. Other areas to ensure decisions are in
tune with long term consideration are making sure the best
possible financing of the Group to match the requirements
of the long-term nature of property ownership. The board
and management makes long term decisions such as
keeping a vigilant review of the changing nature of property
usage and tries were possible to diversify its income
streams. Caerphilly and Gateshead were relatively more
recent purchases are good examples of long term decision
making, i.e. choosing offices and a leisure led retail scheme
– as such giving some protection against changing
consumer habits in more general retail arena.

(b)

the interests of the company’s employees;

The company makes investment in and the development
of talent of its employees, including paying for professional
and
development, providing in house updates
encouraging knowledge sharing. The Group has a strong
track record of promoting from within the business and in
2020 two surveyors were promoted to Joint Head of
Property. In 2021 the Finance Director was promoted to
Chief Executive. The Group undertakes team building
activities to encourage cohesion and working together.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Group Strategic Report continued

(c)

the need to foster the company’s business
relationships with suppliers, customers and
others;

Being in the secondary property industry the business is
used to dealing with many types of businesses as tenants
from large multi-national businesses to small sole traders
– keeping good sound relationships with both is key. We
also use many small operators and suppliers and we
ensure prompt payment, paying within 30 days in most
instances to again foster good working relations. We set a
purchase order system in 2018 and in 2019 replaced with
a new system this has been refined over the next few
years to streamline and speed up payments supporting
small suppliers.

(d)

the impact of the company’s operations on the
community and the environment;

The Group’s investments by its very nature often have a
significant impact on local communities, providing
services and convenience businesses, or places for local
enterprise or employment. Owning a parade of shops, we
can ensure where possible that these are viable locations
by encouraging a variety of offerings. The Group
maintains and upkeeps its investment properties to a
viable level which benefits the local communities they
provide accommodation for or seeks improvements with
planning which can enhance local areas. The Group also
ensures it recycles much of its head office paper and is
moving towards less paper communication; since 2019 up
to date our invoices have been emailed as standard to our
tenants and we also encourage the receipt of electronic
invoices. We have had a renewed push in 2021 to push our
last few tenants away from cheque payments. We also
ensure we upgrade our units to the required EPC levels
which by its very nature reduces the longer term
environmental impact of the use of these units.

(e)

the desirability of the company maintaining a
reputation for high standards of business conduct;

The Group maintains an appropriate level of Corporate
Governance that is documented within its own section
within these Financial Statements. With a relatively small
management team it is easier to monitor and assess the
culture and encourage the appropriate standards. The
board strives to delegate and empower its management
teams to ensure the high standards are maintained at all
levels within the business.

(f)

the need to act fairly as between members of the
company.

The Group has excellent communication with its
members, actively encouraging participation and
discussion at its AGMs and also circulating letters of our
announcements to ensure older members or those not
accessing the LSE financial news can keep up to date with
relevant information. Our Chairman is unpaid, his benefit
or income from the company is pro-rata the same as all
members including minority shareholders.

The Group Strategic Report set out on the above pages,
also includes the Chairman’s Statement shown earlier in
these accounts and was approved and authorised for
issue by the Board and signed on its behalf by:

S. J. Peters
Company Secretary

Unicorn House
Station Close
Potters Bar
Hertfordshire EN6 1TL

22 April 2022

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Directors’ Report
Company number: 00293147

The Directors submit their report together with the
audited financial statements of the Company and of the
Group for the year ended 31 December 2021.

Directors’ Responsibilities Statement
The Directors are responsible for preparing the Strategic
Report, the Directors’ Report and the financial statements
in accordance with applicable law and regulations.

Company law requires the directors to prepare financial
statements for each financial year. Under that law the
directors have elected to prepare the Group financial
statements in accordance with applicable law and UK-
adopted international accounting standards and the
Company financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice
(UK GAAP)
including FRS101 “Reduced Disclosure
Framework”. Under company law the Directors must not
approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of
the Company and of the Group and of the profit or loss of
the Group for that period.

In preparing these financial statements, the Directors are
required to:

•

select suitable accounting policies and then apply
them consistently;

• make judgements and accounting estimates that are

reasonable and prudent;

•

state whether applicable UK-adopted international
accounting standards have been followed subject to
any material departures disclosed and explained in
the Group financial statements; and

prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Group will continue in business.

The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company
and enable them to ensure that the financial statements

comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of
the
Company and the Group and hence for taking reasonable
steps for the prevention and detection of fraud and
other irregularities.

The Directors are responsible for the maintenance and
information
integrity of the corporate and financial
included on the Company’s website. Legislation in the
United Kingdom governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.

Going concern
The Group’s business activities, together with the factors
likely to affect its future development, performance and
position are set out in the Chairman’s Statement and
Group Strategic Report. The financial position of the
Group, including key financial ratios, is set out in the Group
Strategic Report.
In addition, the Directors’ Report
includes the Group’s objectives, policies and processes
for managing its capital; the Group Strategic Report
includes details of
risk management
its financial
objectives; and the notes to the accounts provide details
of its financial instruments and hedging activities, and its
exposures to credit risk and liquidity risk.

The COVID-19 pandemic has provided a much harder set
of circumstances for all businesses which the Group to
date has navigated successfully. The Directors have
prepared detailed financial forecasts to December 2024
assuming a significant downward trend in its income base,
increasing costs and higher interest rates. The forecasted
worst-case scenario demonstrated the Group is a going
concern even if the business was subjected to a long
downward spiral in its business activities. In summary, the
Group has enough financial resources to survive to
beyond June 2023.

The Group is strongly capitalised, has high liquidity
together with a number of long-term contracts with its
customers many of which are household names. The
Group has a diverse spread of tenants across most
industries and owns investment properties based in many
locations across the country.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Directors’ Report continued

The Group’s main loans were renewed in July 2021 for a
new three year term. The Group has a strong track record
of obtaining long term finance and expects this to
continue in the future as it has supportive lenders. The
Group always maintains excellent relations with its lenders.
The Lenders Covenants as at 31 December 2021 have
been reviewed and significant movements would be
required before a covenant was breached such as a 35%
decrease in the secured portfolio valuation (circa £50m
reduction) or 47% decrease in its actual income cover
being circa £5.44m reduction in income. The Group’s also
currently has extensive cash reserves (and available
facility) and other uncharged assets (including circa £10m
of investment property).

The Directors believe the Group is very well placed to
manage its business risks successfully and have a
good expectation that both the Company and the
Group have adequate resources to continue their
operations for the foreseeable future. For these reasons,
they continue to adopt the going concern basis in
preparing the financial statements.

Principal activities, review of business and
future developments
The principal activity of the Group consists of investment
and dealing in property and securities.

The review of activities during the year and future
developments is contained in the Chairman’s Statement
and Group Strategic Report.

Company’s objectives and management
of capital
Our primary objective is to maximise long-term return for
our shareholders by stable growth in net asset value and
dividend per share, from a consistent and sustainable
rental income stream.

The Company’s principal capital base includes share
capital and retained reserves, which is prudently invested
to achieve the above objective and is supplemented with
medium to long-term bank finance.

Results and dividends
The profit for the year after taxation, amounted to
£13,511,000 (2020: £2,644,000).

The interim dividend of £1,061,000 (6.0p per share) on
ordinary shares was paid on 9 February 2022. The
Directors recommend a final dividend of £1,061,000 (6.0p
per share) payable on 20 July 2022 to shareholders on the
register at the close of business 1 July 2022 (Ex dividend
on 30 June 2022). The total dividend for the year ended
31 December 2021 being anticipated at 12p per share.

There will be no option of a scrip dividend offered for the
2021 final dividend of 6.0p per share (to be paid in July
2022). There was no scrip option for the interim dividend
which was paid in February 2022.

Directors and their beneficial
shares of the Company
The Directors who served during the year and their
beneficial
interests in the Company’s issued share
capital were:

interests in

Ordinary shares
of £0.25 each

2021

2020

A. S. Perloff (Chairman)
B. R. Galan (Non-executive)
P. M. Kellner (Non-executive)
J. H. Perloff
S. J. Peters

4,015,860
338,669
22,000
137,500
227,929

A. S. Perloff and his family trusts have beneficial interests
in shares owned by Portnard Limited, a Company under
their control, amounting to 8,405,175 (2020 – 8,405,175).

There have been no changes in Directors’ shareholdings
since 31 December 2021.

No beneficial interest is attached to any shares registered
in the names of Directors in the Company’s subsidiaries.
No right has been granted by the Company to subscribe
for shares in or debentures of the Company.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Directors’ Report continued

Directors’ emoluments
Directors’ emoluments of £232,000 (2020 – £228,000) are made up as follows:

Director

Executive
A. S. Perloff
J. H. Perloff
S. J. Peters

Non-executive
B. R. Galan
P. M. Kellner

Salary/
Fees
£’000

Bonus
£’000

Pension
Taxable
Benefit Contribution
£’000

£’000

–
65
97

10
10

182

–
5
25

–
–

3
3
–

–
–

–
2
12

–
–

Total
2021
£’000

3
75
134

10
10

232

Total
2020
£’000

6
71
131

10
10

228

Pension and other benefits
A. S. Perloff is the sole member and beneficiary of a non-
contributory Director’s pension scheme. The Group
ceased contributions in 1997, has not contributed since,
and does not anticipate making further contributions.

S. J. Peters had pension contributions paid in the year by the
Company of £12,000 (2020 – £11,000) (some by salary
sacrifice). J.H. Perloff had pension contributions paid in the
year by the Company of £2,000 (2020 – £2,000).

No other payments were paid in respect of any other
Director during the year (2020 – £nil).

Third party indemnity provision for Directors
Qualifying third party indemnity provision for the benefit
of five directors was in force during the financial year and
as at the date this report was approved.

Capital structure
Details of the issued share capital of the Company are
shown in note 23. The Company has one class of ordinary
shares which carries no right to fixed income. Each share
carries the right to one vote at general meetings of the
Company. The details of the Group’s treasury policy are
shown in note 27.

Financial risk management
Information regarding the use of financial instruments and
the approach to financial risk management is detailed in
the Group Strategic Report.

Donations
During the year the Group made a £nil political donation
(2020 – £nil). The Group makes donations to charities
through advertisements at charity events and in the
diaries of charities, the total of which in 2021 was £1,500
(2020 – £1,000). The Group is a Foundation Partner of the
preferred charity of the property industry, Land Aid,
donating £10,000 (2020 – £20,000).

Status
Panther Securities P.L.C. is a Company quoted on AIM and
is incorporated in England and Wales.

Events after the reporting date
Details of events after the report date are given in
the Chairman’s Statement and note 33 to the
consolidated accounts.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Directors’ Report continued

Auditors
In the case of each person who was a Director at the time
this report was approved:

–

so far as that Director was aware there was no
relevant available information of which the
Company’s auditors were unaware; and

that Director had taken all steps that the Director
ought to have taken as a Director to make himself
aware of any relevant audit information and to
establish that the Company’s auditors were aware of
that information.

This information is given and should be interpreted in
accordance with the provisions of s418 of the Companies
Act 2006.

Crowe U.K. LLP were appointed in the year and will be
proposed for reappointment at the Annual General
Meeting in 2022.

This report was approved and authorised for issue by the
Board and signed on its behalf by:

S. J. Peters
Company Secretary

Unicorn House
Station Close
Potters Bar
Hertfordshire EN6 1TL

22 April 2022

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Corporate Governance

The Board
The Board currently consists of five directors, of whom two
are non-executives. It meets regularly during each year to
review appropriate strategic, operational and financial
matters and otherwise as required. In the year the Board
met three times with all members present. It supervises the
executive management and a schedule of items reserved
for the full Board’s approval is in place. Panther Securities
P.L.C. has an Executive Chairman who is also the Chief
Executive (this changed on 1 January 2022).

The Board considers the two non-executive Directors to
be independent and to represent the interests of
shareholders. Both non-executive Directors are of the
highest calibre. Each is independently minded with a
breadth of successful business and relevant experience.
They are entitled to the same information as the
Executive Directors and are an integral part of the team,
making a most valuable contribution. Both non-executive
Directors have a sufficient level of expertise to challenge
and hold the executive Directors to account.

Each Board member has responsibility to ensure that the
Group’s strategies lead to increased shareholder value.

Biographical details of Executive Directors:-

Andrew Perloff (Chairman)

He has over 55 years’ experience in the property sector,
including over 45 years’ experience of being a director of
a Public Listed Company mainly as Panther’s Chairman
and was the CEO up to 31 December 2021. He has
significant experience of corporate activity including ten
contested take-over bids and has also served on the
Board of Directors of six other public listed companies. He
is currently a non-executive director of Airsprung Group
PLC, New Start 2020 Ltd, Anglia Home Furnishings Ltd
and was previously a director of Beale Ltd.

Simon Peters (Finance Director and CEO*)

He is a member of the Chartered Institute of Taxation, a
Fellow of the Chartered Certified Accountants and was
formerly with KPMG LLP and the Lombard Bank Finance
Department. He is currently a non-executive director of
Airsprung Group PLC, New Start 2020 Ltd, Anglia Home
Furnishings Ltd and was previously a director of Beale Ltd
(including when it was fully listed on the LSE). He joined
Panther in 2004, was appointed Finance Director in 2005
and was appointed as CEO from 1 January 2022.*

John Perloff (Executive)

Previously with a commercial West End agent specialising
in retail acquisitions and disposals, he joined Panther in
1994. His areas of responsibility include property lettings
and acquisitions. He was appointed Executive Director
in 2005.

Biographical details of Non-executive Directors:-

Bryan Galan (Non-executive)

Chairman of the Remuneration Committee. He is a Fellow
of the Royal Institution of Chartered Surveyors. He was
formerly joint Managing Director of Amalgamated
Investment and Property Co. Limited and was previously a
Non-executive Director of Rugby Estates Investment
Trust Plc.

Peter Kellner (Non-executive)

Chairman of the Audit and Nomination Committees. He
is an Associate of the Chartered Institute of Bankers and
of the Institute of Taxation. He was formerly joint General
Manager of the U.K. banking operations of Credit Lyonnais
Bank Nederland NV.

QCA Corporate Governance Code
The Directors recognise the importance of good
corporate governance and have chosen to adopt and
apply the Quoted Companies Alliance’s 2018 Corporate
Governance Code (the ‘QCA Code’). The QCA Code was
developed by the Quoted Companies Alliance in
consultation with a number of significant institutional small
company investors, as an alternative corporate
governance code applicable to AIM companies. The
underlying principle of the QCA Code is that “the purpose
of good corporate governance is to ensure that the
company is managed in an efficient, effective and
entrepreneurial manner for the benefit of all shareholders
over the longer term”. Details of how the Company
addresses the key governance principles defined in the
QCA Code can be found below.

Establish a strategy and business model which
promote long-term value for shareholders

Panther’s strategy and business model are set out in the
Group Strategic Report. The strategic objective section
of the Group Strategic Report states that the primary
objective of the Group is to maximise long-term returns

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Corporate Governance continued

for our shareholders by stable growth in net asset value
and dividend per share, from a consistent and sustainable
rental income stream. The key challenges to the business
and how these are mitigated are also detailed in the Group
Strategic Report.

2. Seek to understand and meet shareholder needs

and expectations

The Board strongly encourages good communication
with investors. The Company sends out announcements
via post to shareholders who have requested this and all
shareholders can join our mailing list, even if they hold
shares in CREST.

The person at the Company with principal responsibility
for liaising with shareholders is: Andrew Perloff, Chairman.
Shareholders may also contact the Company in writing via
the following email address:
info@pantherplc.com.
Inquiries that are received will be directed to the Chairman
if appropriate, who will consider a response. The Company
may exercise discretion as to which shareholder questions
shall be responded to, and the information used to answer
questions will be information that is freely available in the
public domain. If deemed necessary, the inquiries will be
brought to the Board’s attention. All shareholders are
ordinarily invited to our Annual General Meeting. Board
members are available by phone to discuss the company
and there is also shareholders access, before, during and
after Annual General Meetings for discussions, therefore
providing lots of opportunities for shareholders to
understand and address any issues.

The Board has historically approved a regular dividend for
many years, which has always been maintained or
increased. The Board aims to maintain a sustainable and
appropriate level of dividend cover. Where exceptional
years arise, the Board anticipates this will normally be
reflected with special dividends where practicable.

On the basis of the Directors’ knowledge and long
experience of the operation of the Group, the Board
recognises that the long-term success of the Group is
reliant upon the efforts of the following key resources and
relationships: the Group’s employees, tenants, lenders,
regulatory authorities, local residents and the general
public affected by our activities. The Company actively
seeks employees’ feedback on their employment with the
Company. The Company does this on an ongoing basis,
but also holds bi-weekly all party staff meetings where
employees are able to provide feedback. The property and
finance departments frequently liaise with tenants, which
can include receiving tenant feedback. The Company’s
lenders have teams of account and relationship
managers, which the Company communicates with on a
regular basis and provides regular management updates
and is able to receive any feedback from lenders. The
Company is open to feedback from local residents and the
general public that may be affected by our activities and, in
particular, this is often part of the planning process.

The Group understands the necessity of balancing the
needs of all our stakeholder groups while maintaining
focus on the Board’s primary responsibility to promote the
success of the Group for the benefit of its members as
a whole.

The Group ensures compliance with regulatory bodies
and legislation through various procedures and protocols
and receives feedback on matters such as planning on a
regular basis. The Group undertakes to resolve any
feedback received from stakeholders where appropriate
and where such amendments are consistent with the
Group’s longer term strategy. However, no material
changes to the Company’s working processes have been
required over the year to 31 December 2021, or more
recently, as a result of stakeholder feedback received by
the Company.

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The Board believes the Company’s mode of engaging with
shareholders is adequate and effective.

3. Take into account wider stakeholder and social
responsibilities and their implications for long-
term success

aware of

corporate social
The Group is
responsibilities and recognises the importance of
maintaining effective working relationships across a range
of stakeholder groups.

its

Embed effective risk management, considering
both opportunities and threats, throughout the
organization

The Board’s discussion on risk management as described
in the disclosure above in respect of Principle One and in
the Group Strategic Report, which detail risks to the
business and how these are mitigated. The Groups
internal controls are designed to manage rather than
eliminate risk and provide reasonable assurance against
fraud, material misstatement or loss.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Corporate Governance continued

The Board seeks to ensure that the correct and necessary
level of insurance is in place to cover certain aspects of
risks including actions taken against the Directors, as well
as all the properties we own. The insured values and types
of cover are carefully reviewed periodically and this is a
requirement of our main loan agreement.

A commentary on how the Company reviews its internal
controls can be found in the disclosure regarding Principle
Nine below.

5. Maintain the Board as a well-functioning, balanced

team led by the Chair

The Board consist of three Executive Directors and two
Non-Executive Directors. Biographies of the directors
can be found above, the Board considers its two
non-executive Directors (Bryan Galan and Peter Kellner)
to be independent. Bryan Galan and Peter Kellner have
been directors of the Company since 1994. Despite the
length of service of the independent non-executive
directors, the rest of the Board consider them to continue
to be independent as they are sufficiently removed from
the day to day operations of the Company to retain a
critical and independent view. Further commentary in
respect of the Company’s Non-Executive Directors can
be found above.

As detailed above, the Board met three times with all
members present, the Audit Committee met three times
with all members present and the Remuneration
Committee met three times with all members present.
Andrew Perloff, Simon Peters and John Perloff work full
time. Bryan Galan and Peter Kellner currently work on
average 6 days per year.

All Directors are kept apprised of financial and operational
information in a timely fashion and in advance of any
meetings. The Executive Directors regularly attend
meetings to ensure decisions are made and inter-
departmental communication is strong and transparent.

Ensure that between them, the directors have the
necessary up-to-date experience, skills and
capabilities

The Company has an Executive Chairman who is also the
Chief Executive, being Andrew Perloff. The Company’s
Finance Director is Simon Peters who is now Chief
Executive from 1 January 2022. John Perloff is an Executive
Director. Bryan Galan and Peter Kellner are Non-Executive
Directors. Biographies of the directors are above.

The Board has a wide and well-rounded level of expertise
and experience with a clear and proven track record.
Professionally qualified members of the Board keep up to
date with their Continuing Professional Development,
which ensures they are familiar with changes and current
developments in their fields and some members are on
other boards which helps them see best practise
elsewhere. The Board Members take particular interests in
keeping appraised on key issues and developments
pertaining to the Group.

During the year ended 31 December 2021, neither the
Board nor any committee has sought external advice on
a significant matter and no external advisers to the Board
or any of its committees have been engaged. Aside from
the directors’ stated roles and the role of Simon Peters as
Company Secretary, the Board members do not have any
particular internal advisory responsibilities.

Evaluate Board performance based on clear and
relevant
continuous
improvement

objectives,

seeking

The individual Board members are appraised by the
Chairman and/or Non-Executives as appropriate on their
performance. This process is informal in nature and is
performed on an ongoing basis, rather than at pre-
determined annual junctures. The main criteria against
which individual director effectiveness is considered are:
ensuring that the right actions in the business are being
taken and ensuring that directors continue to be effective.
The Company’s director evaluation process has not
changed materially relative to previous years, on the
basis that the Board are of the view that the above
the Company’s
processes
requirements, given the nature of the Company’s
business and levels of experience on the Board. There
were no material findings from the Company’s Board
appraisals over the year ended 31 December 2021, which
was the same in the previous year.

are appropriate for

All of the Directors are periodically subject to re-election
on a rotation basis at the Annual General Meeting.

The Company does not currently have a periodic appraisal
process for the effectiveness of the Board as a whole nor
for the effectiveness of the committees (and this has not
changed over previous years).

The Board considers succession planning and the need
for further board or senior management appointments.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Corporate Governance continued

The Board believes that there is no need for changes to
the current board, management and committee
structures and membership in order to meet the needs of
the Company’s current and medium-term requirements.
Regarding longer term succession planning, the Board
currently comprises a good spread of ages which provides
a natural succession buffer.

Promote a corporate culture that is based on
ethical values and behaviors

The Board promotes a corporate culture of professional
behaviour, integrity, professional competence and due
care, objectivity and confidentiality. These values are
promoted from the top down and embedded in our working
practices and company policies. As noted in the disclosure
above in respect of Principle Three, the Company holds bi-
weekly all party staff meetings where employees are able
provide feedback, which allows the Board and management
to have insights into the Company’s culture.

When new employees join the Company, they are
provided a staff handbook and are required to become
familiarised with the Company’s working practices and
company policies. The Board and management are
prepared to take appropriate action against unethical
behaviour, violation of company policies or misconduct.

9. Maintain governance structures and processes
that are fit for purpose and support good decision-
making by the Board

The Board is satisfied with the Company’s corporate
governance, given the Company’s size and the nature of
its operations, and as such there are no specific plans for
any material changes to the Company’s corporate
governance arrangements in the shorter term.

As noted in the disclosure above in respect of Principle Six,
Andrew Perloff is both Chairman and Chief Executive
Officer of the Company. In his role as Chairman, Andrew
Perloff has overall responsibility for corporate governance
matters in the Company, leadership of the board and
ensuring its effectiveness on all aspects of its role. In his
role as Chief Executive Officer Andrew Perloff leads the
Company’s staff and is responsible for implementing
those actions required to deliver on the agreed strategy.
Andrew Perloff and his family trusts are the beneficiaries
of the majority of the Company’s ordinary shares. Andrew
Perloff is one of the original co-founders of the Panther
Securities property investment business and has been a

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significant driving force underlying the Group’s
development. On this basis, the Board did consider that it
was in the best interest of the Group to maintain Andrew
Perloff’s positions as both Chairman and Chief Executive
Officer (a position that he has held for a number of years),
notwithstanding that this is contrary to recommended
best practice in the QCA Code. However since 1 January
2022 these roles are now split with Simon Peters being the
Chief Executive officer.

The Executive Directors have a responsibility for the
operational management of the Group’s activities. The
Non-executive Directors provide independent and
objective insight and judgement to Board decisions. The
Board has overall responsibility for promoting the success
of the Group.

The Board has established an Audit Committee and a
Remuneration Committee comprised only of our Non-
Executive Directors to provide a level of independence
and objectivity.

Audit Committee

The Audit Committee consists solely of the two non-
executive Directors and it is chaired by Peter Kellner. Its
terms of reference are that it meets at least twice a year
to review the Group’s accounting policies, financial and
other reporting procedures, with the external auditors in
attendance when appropriate. Over
to
31 December 2021 the committee met three times with
all members present. The internal controls are reviewed
annually ensuring their effectiveness and any specific
issues are dealt with if and when they arise. When the
Board reviews internal controls they consider the
effectiveness of controls, concentrating on all material
controls, including operational and compliance controls,
and risk management systems.

the year

Remuneration Committee

The Remuneration Committee consists solely of the two
non-executive Directors, Bryan Galan (Chairman) and
Peter Kellner. Its terms of reference are that it reviews the
terms and conditions of service of the Chairman and
Executive Directors, ensuring that salaries and benefits
satisfy performance and other criteria. When setting
remuneration the Committee consults with the Chairman
of the Board and no external third parties are consulted.
In the year to 31 December 2021 the Committee met
three times with all members present.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Corporate Governance continued

Remuneration policy

Company policy is to reward fairly the Executive Directors
sufficiently to retain and motivate these key individuals. In
determining remuneration, consideration is given to their
role, their performance, reward levels throughout the
organisation, as well as the external employment market.
The Remuneration Committee considers that currently
the Executive Directors’ remuneration is below market
comparables, however some directors are incentivised by
their personal holdings in the Company. The only element
of remuneration that reflects specific performance is the
bonuses, however this is adjusted to reflect market
conditions and company results.

The Company does not have a Nomination Committee,
as the need for appointments and decisions regarding
appointments are considered by the Board as a whole.

The key matters reserved for the Board are the following:

•

Strategy

Structure and capital

Financial reporting and controls

Internal controls

Significant investments

Board membership and other appointments

Delegation of authority

Corporate governance

Approval of company policies

Other matters, such key adviser appointments and
insurance

10. Communicate how the Group is governed and is
performing by maintaining a dialogue with
shareholders and other relevant stakeholders

The Company provides extensive information about the
Group’s activities in the Annual Report and Financial
Statements and the Interim Report, copies of which are
sent to shareholders. Additional copies are available by
application. The Group is active in communicating with
both its institutional and private shareholders and
welcomes queries on matters relating to shareholdings
and the business of the Group. All shareholders are
ordinarily encouraged to attend the Annual General
Meeting, at which Directors and senior management are

introduced and are available for questions. The Company
provides a website with up to date information, including
announcements and company accounts.

The Board recognises the importance of communication
with the Group’s shareholders and various stakeholders.
The Group updates its website regularly with any
announcements and always welcomes shareholders’
queries which are welcomed by all members of the Board
whenever they arise.

The Annual General Meeting also provides an important
opportunity to meet shareholders. The Board has hot
drinks before and after the Annual General Meeting where
dialogue is encouraged.

The detailed results of voting on all resolutions in future
general meetings will not be posted to the Group’s
website or announced, as the Board feels that these
results have in recent years been unambiguous and
generally unanimous.

Where a significant proportion of votes (e.g. 20% of
independent votes) have been cast against a resolution at
any general meeting, the Board will post this on the
Group’s website and will include, on a timely basis, an
explanation of what actions it intends to take to
understand the reasons behind that vote result, and,
where appropriate, any different action it has taken, or will
take, as a result of the vote.

The Group’s financial reports for the last five years can be
found online: http://www.pantherplc.com/financial/reports-
and-accounts/

Notices of Annual General Meetings of the Company for
the last five years are included at the end of each of the
annual report and financial statements. Within the last five
years, other than its Annual General Meetings, the
Company has not held any other General Meetings of
Shareholders.

Certain details regarding the Company’s Audit Committee
and Remuneration Committee and their work over the
year to 31 December 2021 can be found in the disclosure
above in respect of Principle Nine. The Company’s Audit
Committee and Remuneration Committee do not
produce public reports on their work over the year,
although their work and key findings are communicated to
the Board. Details of the Company’s remuneration policy
can be found in the disclosure above in respect of Principle
Nine and details of the Directors’ remuneration can be
found above in the Directors’ Report.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report
To the Members of Panther Securities PLC

Opinion
We have audited the financial statements of Panther
Securities Plc (the “Parent Company”) and its subsidiaries
(the “Group”) for the year ended 31 December 2021,
which comprise:

•

the Group income statement and statement of
comprehensive income for
the year ended
31 December 2021;

the Group and parent company statements of
financial position as at 31 December 2021;

the Group statement of cash flows for the year then
ended 31 December 2021;

the Group and parent company statements of
changes in equity for the year then ended; and

the notes to the financial statements,
significant accounting policies.

including

The financial reporting framework that has been applied
in the preparation of the Group financial statements is
applicable law and UK-adopted international accounting
standards. The financial reporting framework that has
been applied in the preparation of the Parent Company
financial statements is applicable law and United Kingdom
including FRS101 ‘Reduced
Accounting Standards,
Disclosure Framework’
(United Kingdom Generally
Accepted Accounting Practice).

In our opinion:

•

the financial statements give a true and fair view of
the state of the Group’s and of the Parent Company’s
affairs as at 31 December 2021 and of the Group’s
profit for the year then ended;

the Group financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards;

the Parent Company financial statements have been
properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice;
and

the financial statements have been prepared in
accordance with the requirements of the Companies
Act 2006.

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Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are
independent of the Group and the Parent Company in
accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK,
including the FRC’s Ethical Standard, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded
that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements
is appropriate. Our evaluation of
the directors’
assessment of the Group’s and Parent Company’s ability
to continue to adopt the going concern basis of
accounting included the following:

•

Obtained management’s going concern assessment
challenging, where appropriate, the assumptions
used;

Tested mathematical accuracy of the models used
by management in their assessment. Considered the
reasonableness of
including
comparison to actual results achieved in the year and
the evaluation of downside sensitivities; and

those models,

Discussed with management and evaluated their
assessment of the group and the company’s liquidity
requirement.

Based on the work we have performed, we have not
identified any material uncertainties relating to events or
conditions that,
individually or collectively, may cast
significant doubt on the Group’s and Parent Company’s
ability to continue as a going concern for a period of at
least twelve months from when the financial statements
are authorised for issue.

Our responsibilities and the responsibilities of the
directors with respect to going concern are described in
the relevant sections of this report.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report continued

Overview of our audit approach

Materiality

In planning and performing our audit we applied the
concept of materiality. An item is considered material if it
could reasonably be expected to change the economic
decisions of a user of the financial statements. We used
the concept of materiality to both focus our testing and
to evaluate the impact of misstatements identified.

Based on our professional judgement, we determined
overall materiality for the Group financial statements as a
whole to be £2,000,000 (2020: £2,100,000), based on
1.1% of the group’s total assets. Materiality for the Parent
Company financial statements as a whole was set at
£220,000 (2020: £300,000) based on 1.0% of the parent
company’s total assets.

We are required to consider whether there are one or
more particular classes of transactions or account
balance, for which misstatements of lesser amounts than
materiality could reasonably be expected to influence the
economic decisions of users taken on the basis of the
financial statements. In the group and parent company
financial statements, for transactions and assets and
liabilities other than investment properties, we have
determined specific materiality to be £130,000 (2020:
£135,000) and £55,000 (2020: £80,000) respectively,
based on 1.0% of turnover due to revenue growth being
one of the group’s key performance indicators.

We use a different level of materiality (‘performance
materiality’) to determine the extent of our testing for the
audit of the financial statements. Performance materiality
is set based on the audit materiality as adjusted for the
judgements made as to the entity risk and our evaluation
of the specific risk of each audit area having regard to the
internal control environment. This is set at £1,400,000
(2020: £1,260,000) for the group and £154,000 (2020:
£180,000) for the parent.

Where considered appropriate performance materiality
may be reduced to a lower level, such as, for related party
transactions and directors’ remuneration.

We agreed with the Audit Committee to report to it all
identified errors in excess of £59,000 (2020: £63,000).
Errors below that threshold would also be reported to it if,
in our opinion as auditor, disclosure was required on
qualitative grounds.

Overview of the scope of our audit

We audit the parent company and its subsidiary
companies. Our audit approach was developed by
obtaining an understanding of the group’s activities, the
key functions undertaken on behalf of the Board by
management and the overall control environment. Based
on this understanding we assessed those aspects of the
group and subsidiary companies transactions and
balances which were most likely to give rise to a material
misstatement and were most susceptible to irregularities
including fraud or error. Specifically, we identified what we
considered to be key audit matters and planned our audit
approach accordingly.

Key Audit Matters

Key audit matters are those matters that,
in our
professional judgement, were of most significance in our
audit of the financial statements of the current period and
include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we
identified. These matters included those which had the
greatest effect on: the overall audit strategy, the allocation
of resources in the audit; and directing the efforts of the
engagement team. These matters were addressed in the
context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report continued

This is not a complete list of all risks identified by our audit.

Key audit matter

How the scope of our audit addressed the key audit matter

Carrying value of investment properties (group)

The valuation of
investment property requires
significant judgement and estimates by management
and the external valuer where applicable.

The valuation of the group’s property portfolio is
inherently subjective to, among other factors, the
individual nature of each property, its location and the
expected future rentals, yield data and comparable
market transactions.

As a consequence, there is an inherent risk that
the carrying value could be subject to material
estimation bias.

We gained an understanding of the nature of the assets in the
portfolio and ensured classification and designation are
appropriate and in line with our expectations.

We reviewed the stated accounting policy ensuring it is
appropriate to the designation and has been applied
consistently.

We evaluated the capability, suitability and competence of the
group’s external and internal valuers, giving specific focus to
their qualification, experience and, in relation to the external
valuer, their independence.

We reviewed management’s assessment of the carrying value
of the investment properties which was derived from valuation
reports prepared by external valuers and internal surveyors.

We carried out procedures, on a sample basis, to satisfy
ourselves of the accuracy of the property information
supplied by management as these form the basis of the
valuation reports.

We compared the output from the external valuers and
directors to the levels of rents actually achieved and where
possible, publically available benchmark data such as yields.

We engaged our own independent property valuation expert to
assist with the assessment of key assumptions included in the
valuation reports in accordance with ISA (UK) 620 to challenge
assessment of the carrying value of investment properties.

We spoke directly with the management to confirm the basis
on which they had prepared the valuation and how they had
arrived at their key inputs, and specifically the property
specific yields.

We considered the adequacy of disclosures around the
sensitivity of the carrying value to changes in reasonable
alternative assumptions.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report continued

Key audit matter

How the scope of our audit addressed the key audit matter

Carrying value of derivatives financial instruments
(group and parent company)

Derivatives financial instruments are complex and
requires specific knowledge and skills to carry out its
valuation therefore increasing the inherent risk.

Revenue recognition (group)

Revenue for the group consists primarily of rental
income. Rental
income is based on tenancy
agreements where there is a standard process in
place for recording revenue. Due to the number of
tenancies on different terms, coupled with the
practice occasionally offering tenant incentives on
the grant of a new lease there an increased inherent
risk of error.

We gained an understanding of the group’s valuation
methodology in determining the fair value of the derivatives
financial
instruments and its compliance with the relevant
accounting standards.

We also assessed management approach on the credit risk on
the derivatives financial instruments and the appropriateness
of the discounts applied.

We computed an independent estimate of the fair value of the
derivative financial instruments.

We considered the adequacy of disclosures around the
derivatives financial instruments.

We re-performed the rental reconciliations and selected a
sample of tenancy agreements per property to validate the
inputs into that reconciliation.

We also performed comparative analytical procedures based
on our knowledge of the tenancy and forming an expectation of
rental income for each property and investigated any large or
unusual variances.

Where tenancy incentives were given on the granting of a new
lease we reviewed the rent free period to agree it is accounted
for in accordance with accounting standards.

We reviewed the accounting treatment and journals posted in
regards to deferred rental income recorded on the group’s
statement of financial position by agreeing to supporting
documentation.

Carrying value of investment in subsidiaries
and amounts owed by group undertakings
(parent company)

We reviewed management’s assessment of carrying value of
investment in subsidiaries and amounts owed by group
undertakings and critically appraised the assumptions used.

We have considered the risk that investment in
subsidiaries
group
undertakings are impaired.

amounts owed

and

We compared the carrying value of investment in subsidiaries
and amounts owed by group undertakings to the net assets
and profitability of the corresponding entity along with other
supporting evidence such as future projections.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report continued

Other information
The directors are responsible for the other information
contained within the annual report. The other information
comprises the information included in the annual report,
other than the financial statements and our auditor’s
report thereon. Our opinion on the financial statements
does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears
to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we
are required to determine whether this gives rise to a
material misstatement in the financial statements
themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the
Companies Act 2006
In our opinion based on the work undertaken in the course
of our audit:

•

the information given in the strategic report and the
directors’ report for the financial year for which the
financial statements are prepared is consistent with
the financial statements; and

the directors’ report and strategic report have been
prepared in accordance with applicable legal
requirements.

Matters on which we are required to report by
exception
In light of the knowledge and understanding of the group and
the parent company and their environment obtained in the
course of the audit, we have not identified material
misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:

•

adequate accounting records have not been kept by
the parent company, or returns adequate for our
audit have not been received from branches not
visited by us; or

the parent company financial statements are not in
agreement with the accounting records and
returns; or

certain disclosures of directors’
specified by law are not made; or

remuneration

we have not received all the information and
explanations we require for our audit.

Responsibilities of the directors for the
financial statements
As explained more fully in the directors’ responsibilities
statement set out on page 20, the directors are
responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine is
necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, the directors are
responsible for assessing the group’s and parent
company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless
the directors either intend to liquidate the group or the
parent company or to cease operations, or have no
realistic alternative but to do so.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Independent Auditors’ Report continued

in accordance with auditing standards. We are not
responsible for preventing non-compliance and
cannot be expected to detect non-compliance with all
laws and regulations.

These inherent limitations are particularly significant in the
case of misstatement resulting from fraud as this may
involve sophisticated schemes designed to avoid
detection,
including deliberate failure to record
transactions, collusion or the provision of intentional
misrepresentations.

A further description of our responsibilities is available
on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.

Use of our report
This report is made solely to the company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been
undertaken so that we might state to the company’s
members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company
and the company’s members as a body, for our audit work,
for this report, or for the opinions we have formed.

Matthew Stallabrass
Senior Statutory Auditor
for and on behalf of
Crowe U.K. LLP
Statutory Auditor

55 Ludgate Hill
London
EC4M 7JW

22 April 2022

Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error
individually or in the
and are considered material
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these financial statements.

if,

Irregularities,
including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above,
to detect material misstatements in respect of
irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities,
including fraud is detailed below:

We obtained an understanding of the legal and regulatory
frameworks within which the company operates, focusing
on those laws and regulations that have a direct effect on
the determination of material amounts and disclosures in
the financial statements. The laws and regulations we
considered in this context were the Companies Act 2006
and taxation legislation.

judgement

We identified the greatest risk of material impact on the
financial statements from irregularities, including fraud, to
be the override of controls by management, inappropriate
surrounding the
revenue recognition,
investment property valuations and trade receivable
recoverability. Our audit procedures to respond to these
risks included enquiries of management about their own
identification and assessment of the risks of irregularities,
sample testing on the posting of journals, reviewing
accounting estimates for biases corroborating balances
recognised to supporting documentation on a sample basis
and ensuring accounting policies are appropriate under the
relevant accounting standards and applicable law.

Owing to the inherent limitations of an audit, there is an
unavoidable risk that we may not have detected some
material misstatements in the financial statements, even
though we have properly planned and performed our audit

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Consolidated Income Statement
For the year ended 31 December 2021

Revenue
Cost of sales

Gross profit

Other income
Administrative expenses
Bad debt expense

Operating profit

Profit on disposal of investment properties
Movement in fair value of investment properties

Finance costs – interest
Finance costs – swap interest
Finance costs – swap variation
Investment income
Profit on disposal of fixed assets
(Loss)/profit (realised) on the disposal of investments
Fair value gain/(loss) on derivative financial liabilities

Profit before income tax

Income tax (expense)/credit

Profit for the year

Continuing operations attributable to:
Equity holders of the parent

Profit for the year

Earnings per share
Basic and diluted – continuing operations

31 December
2021
£’000

31 December
2020
£’000

Notes

5
5

10
10
10
9

13,172
(4,651)

8,521

958
(1,492)
(286)

7,701

701
961

9,363

(2,322)
(2,806)
(5,000)
29
–
(96)
16,754

15,922

(2,411)

13,511

13,051
(3,482)

9,569

467
(1,703)
(1,629)

6,704

150
6,146

13,000

(2,283)
(2,726)
–
41
1
38
(5,498)

2,573

2,644

76.4p

14.9p

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021

Profit for the year

31 December
2021
£’000

31 December
2020
£’000

Notes

13,511

2,644

Items that will not be reclassified subsequently to profit or loss
Movement in fair value of investments taken to equity
Deferred tax relating to movement in fair value of
investments taken to equity
Realised fair value on disposal of investments previously taken to equity
Realised deferred tax relating to disposal of investments
previously taken to equity

Other comprehensive income/(loss) for the year, net of tax

Total comprehensive income for the year

25
18

Attributable to:
Equity holders of the parent

(14)
148

(37)

152

13,663

(354)

67
–

–

(287)

2,357

13,663

2,357

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Consolidated Statement of Financial Position
Company number 00293147
As at 31 December 2021

ASSETS
Non-current assets
Investment properties
Deferred tax asset
Right of use asset
Investments

Current assets
Stock properties
Investments
Trade and other receivables
Cash and cash equivalents (restricted)
Cash and cash equivalents

Total assets

EQUITY AND LIABILITIES
Capital and reserves
Share capital
Share premium account
Treasury shares
Capital redemption reserve
Retained earnings

Total equity

Non-current liabilities
Long-term borrowings
Derivative financial liability
Leases

Current liabilities
Trade and other payables
Short-term borrowings
Current tax payable

Total liabilities

Total equity and liabilities

31 December
2021
£’000

31 December
2020
£’000

Notes

16
25

21
22
22

24
27
29

26
24

167,384
2,252
298
292

170,226

350
29
2,996
5,009
8,343

16,727

186,953

4,437
5,491
(213)
604
87,464

97,783

55,513
15,255
8,353

79,121

9,018
560
471

10,049

89,170

186,953

180,975
3,810
335
614

185,734

350
29
3,925
1,052
8,166

13,522

199,256

4,437
5,491
(213)
604
75,923

86,242

51
32,009
8,339

40,399

9,361
63,066
188

72,615

113,014

199,256

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The accounts were approved by the Board of Directors and authorised for issue on 22 April 2022. They were signed on
its behalf by:

A.S. Perloff
Chairman

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Consolidated Statement of Changes in Equity
For the year ended 31 December 2021

Balance at 1 January 2020
Total comprehensive loss
Dividends

Balance at 1 January 2021
Total comprehensive income
Dividends

Balance at 31 December 2021

Share
capital
£’000

4,437
–
–

4,437

Share
premium
£’000

Treasury
shares
£’000

Capital
redemption
£’000

Retained
earnings
£’000

5,491
–
–

5,491

(213)
–
–

(213)

604
–
–

604

74,627
2,357
(1,061)

75,923
13,663
(2,122)

Total

£’000

84,946
2,357
(1,061)

86,242
13,663
(2,122)

87,464

97,783

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Consolidated Statement of Cash Flows
For the year ended 31 December 2021

Cash flows from operating activities
Operating profit
Loss on current asset investments
Rent paid treated as interest

Profit before working capital change
Decrease/(increase) in receivables
(Decrease)/increase in payables

Cash generated from operations
Interest paid
Income tax (paid)/refunded

Net cash generated from operating activities

Cash flows from investing activities
Purchase of investment properties
Purchase of investments**
Purchase of current asset investments***
Proceeds of current asset investments***
Proceeds from sale of fixed assets
Proceeds from sale of investment property
Proceeds from sale of investments**
Dividend income received
Interest income received

Net cash generated/(used) in from investing activities

Cash flows from financing activities
Draw down of loan
Repayments of loans
Loan amortisation repayments
Swap variation
Loan arrangement fees and associated set up costs
Dividends paid

Net cash (used in)/generated from financing activities

Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of year*

Cash and cash equivalents at the end of year*

31 December
2021
£’000

31 December
2020
£’000

7,701
–
(687)

7,014
929
(48)

7,895
(4,295)
(620)

2,980

(832)
(6)
–
–
–
15,841
435
21
8

15,467

6,000
(12,057)
(250)
(5,000)
(884)
(2,122)

(14,313)

4,134
9,218

13,352

6,704
87
(687)

6,104
(536)
783

6,351
(4,160)
420

2,611

(5,538)
(633)
(2,804)
2,855
1
700
631
32
9

(4,747)

4,000
(1,070)
–
–
–
(1,061)

1,869

(267)
9,485

9,218

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* Of this balance £5,009,000 (2020: £1,052,000) is restricted by the Group’s lenders i.e. it can only be used for purchase of investment property.
** Shares in listed and/or unlisted companies.
*** Shares in listed companies held for trading purposes.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements
For the year ended 31 December 2021

1. General information
Panther Securities P.L.C. (the “Company”) is a Public Limited Company limited by shares and incorporated in England
and Wales. The addresses of its Registered Office and principal place of business are disclosed in the introduction to the
Annual Report and Financial Statements. The principal activities of the Company and its subsidiaries (the Group) are
described in the Director’s Report.

2. New and revised International Financial Reporting Standards

New and amended Standards which became effective in the year

No new standards or amendments to standards that are mandatory for the first time for the financial year commencing
1 January 2021 affected any of the amounts recognised in the current year or any prior year and is not likely to affect
future periods.

Standards, interpretations and amendments to published standards that are not yet effective

Amendments to IFRS which will apply in future periods

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in
the current or future reporting periods and on foreseeable future transactions.

The Parent Company and subsidiaries have not adopted IFRS in their individual accounts.

3. Critical accounting judgements and key sources of estimation uncertainty
Sources of judgement and estimation uncertainty in respect of the valuation of derivative financial instruments (see
note 27) and investment properties (see note 16) are noted in their accounting policies and respective notes. In preparing
the financial statements the directors have made a key judgement of whether or not to disclose a material uncertainty
in respect of going concern and have concluded that no such uncertainty exists. Full details on this judgement are included
in note 4.

4. Significant accounting policies
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting
standards. The financial statements have been prepared on the historical cost basis, except for the revaluation of
investment properties, derivative financial instruments and investments which are carried at fair value.

The preparation of the financial statements requires management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of
the financial statements. If in the future such estimates and assumptions which are based on management’s best
judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and
assumptions will be modified as appropriate in the year in which the circumstances change. The principal accounting
policies are set out below.

Going Concern

The COVID-19 pandemic has provided a much harder set of circumstances for all businesses which the Group to date
has navigated successfully. The Directors have prepared detailed financial forecasts to December 2024 assuming a
significant downward trend in its income base, increasing costs and higher interest rates. The forecasted worst case
scenario demonstrated the Group is a going concern even if the business was subjected to a long downward spiral in its
business activities. In summary the Group has enough financial resources to survive to beyond June 2023.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

4. Significant accounting policies continued
The Group is strongly capitalised, has high liquidity together with a number of long term contracts with its customers
many of which are household names. The Group has a diverse spread of tenants across most industries and owns
investment properties based in many locations across the country.

The Group’s main loans were renewed in July 2021 for a new three year term. The Group has a strong track record of
obtaining long term finance and expects this to continue in the future as it has supportive lenders. The Group always
maintains excellent relations with its lenders. The Lenders Covenants as at 31 December 2021 have been reviewed and
significant movements would be required before a covenant was breached such as a 35% decrease in the secured
portfolio valuation (circa £50m reduction) or 47% decrease in its actual income cover being circa £5.44m reduction in
income. The Group’s also currently has extensive cash reserves (and available facility) and other uncharged assets
(including circa £10m of investment property).

The Directors believe the Group is very well placed to manage its business risks successfully and have a good expectation
that both the Company and the Group have adequate resources to continue their operations for the foreseeable future.
For these reasons they continue to adopt the going concern basis in preparing the financial statements.

More details are provided in the Directors Report within the Going Concern titled section.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by
the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Business combinations

The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at
the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, consideration
payable including equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly
attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet
the conditions for recognition are recognised at their fair values at the acquisition date.

Investment properties

Investment properties, which are properties held to earn rentals and/or capital appreciation, are revalued annually using
the fair value model of accounting for investment property at the Statement of Financial Position date. When revaluing
properties judgements are made based on the covenant strength of tenants, remainder of lease term of tenancy, location
and other developments which have taken place in the form of open market lettings, rent reviews, lease renewals and
planning consents. Gains or losses arising from changes in the fair value of investment property are included in the Income
Statement in the period in which they arise.

The purchase of investment property is recognised on the date that exchange of contract become unconditional.
Investment property disposals are recognised on the date that exchange of contracts become unconditional and there
is a reasonable expectation that completion will occur. At this point the investment property is derecognised and any
difference between consideration received and carrying value is recognised in the Income Statement.

Transfers between investment property and stock properties

Transfers from stock properties to investment property are made at fair value; any difference between the fair value of
the property at the date of transfer and its carrying amount is recognised in the Income Statement. For a transfer from
investment property carried at fair value to inventories, the property’s deemed cost for subsequent accounting in
accordance with IAS 2 (‘Inventories’) is its fair value at the date of change in use.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

4. Significant accounting policies continued

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based
on taxable profit or loss for the period. Taxable profit or loss differs from profit or loss as reported in the Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the
Statement of Financial Position liability method. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that have been substantively enacted on or before the Statement
of Financial Position date. Deferred tax is charged or credited to the Income Statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also dealt within equity.

Current tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current assets and liabilities on a net basis. Corporation tax for the period is charged at 19.00% (2020 – 19.00%).

Retirement benefit costs

The Company operates a defined contribution pension scheme and any pension charge represents the amounts payable
by the Company to the fund in respect of the year.

Revenue recognition

IFRS 15 Revenue from Contracts is applicable to management fees and other income but excludes rent receivable. The
majority of the Group’s income is from tenant leases and is outside the scope of the standard. The financial impact of the
standard is considered immaterial and does not materially impact the financial statements.

Revenue comprises:

•

Rental income from tenancy occupied properties net of Value Added Tax where appropriate: Rental income is
recognised in the Income Statement on a straight-line basis over the total lease period. The total expected rent
payable over a lease, which takes account of lease incentives, is amortised on a straight-line basis over the term of
the lease. Lease incentives are recognised as an integral part of the net consideration for the use of the property.

Sale of stock properties: This is recognised on the date that exchange of contracts becomes unconditional, provided
that there is a reasonable expectation that completion will occur.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

4. Significant accounting policies continued
Other income comprises:

•

Property management fees on service charge managed properties net of Value Added Tax where appropriate.
Income is recognised on an accruals basis when the performance obligations have been met.

Surrender premiums received on the early termination of tenant leases. Income is recognised on the date of
surrender of the lease.

Option premium and extension fees are recognised when the performance obligations are met and their signed
contracts.

Dilapidation fees received but not expensed against repair costs. Income is recognised when the dilapidation fee
has been contractually agreed with the tenant.

Insurance fees not utilised are recognised when we are sure they are not going to be utilised.

Government grants (furlough) are recognised when they are received.

The fair value of consideration received or receivable on the above services is recognised when the above revenue can
be reliably measured. Revenue from services is recognised evenly over the period in which the services are provided.

Financial instruments

Financial assets and financial liabilities are recognised on the Group’s Statement of Financial Position when the Group
becomes party to the contractual provisions of the instrument.

Trade receivables

Trade receivables are initially recognised at the transaction price in accordance with IFRS 15. IFRS 9 requires the Group
to make an assessment of Expected Credit Losses (‘ECLs’) on its debtors based on tenant payment history and the
Directors’ assessment of the future credit risk relating to its trade receivables at reporting dates.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits.

Financial liabilities and equity

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any
contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting
policies adopted for specific financial liabilities and equity instruments are set out below.

Trade payables

Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective
interest rate method.

Bank borrowings

Interest bearing bank loans and overdrafts are initially measured at fair value less any transaction fees such as loan
arrangement fees, and are subsequently measured at amortised cost, using the effective interest rate method. Any
difference between the proceeds and the settlement or redemption of borrowings is recognised over the term of the
borrowings. Where new bank financing is obtained on substantially different terms to the existing financing the original
financial liability is derecognised and a new financial liability recognised.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

4. Significant accounting policies continued

Derivative financial instruments

Certain financial instruments are entered into by the Group to hedge against interest rate fluctuations. These include
interest rate swaps, options, collar and caps. Gains and losses on revaluation exclude interest expense on derivatives. The
Group does not hold or issue derivatives for trading purposes. Such derivative financial instruments are initially recognised
at fair value on the date at which a derivative contract is entered into and are subsequently remeasured at fair value at each
reporting date.

The Directors estimate the fair value annually for these financial instruments using the year end yield curve to extract the
markets estimate of future pricing for interest rates. An in-house valuation is considered alongside valuations obtained
from HSBC and Santander (both counterparties to one agreement) but also providing a value for the agreement they are
not party too. An average of the three values (in-house and both banks) for each instrument is taken as the most
appropriate value. This is an estimation and as such there is uncertainty to the fair value shown within the accounts – as
demonstrated as the three values range from £13.4m to £16.4m.

For derivatives that do not qualify for hedge accounting, any gains or losses arising from changes in fair value are taken
directly to the Income Statement for the year. None of the Group’s derivative financial
instruments qualify for
hedge accounting.

Swap variation costs to alter a swap instruments are recognised as finance expense in the year.

Investments

Under IFRS 9, the Group has made an irrevocable election at initial recognition for particular investments in equity instruments
that would otherwise be measured at fair value through profit or loss to present subsequent changes through other
comprehensive income, and classified in the Statement of Financial Position as investments. Fair values of these investments
are based on quoted market prices where available. Investments in unquoted equity securities is considered and also
measured at fair value. Movements in fair value are taken directly to equity. When these investments are considered impaired
in accordance with the requirements of IFRS 9, the impairment losses are recognised in the Income Statement. The
investments represent investments in listed and unquoted equity securities that offer the Group the opportunity for return
through dividend income and fair value gains. They have no fixed maturity or coupon rate. Those shares that are expected to
be held for the long term are shown as non-current assets and those that are held for short term are shown as current assets.

Current asset investments are held for short term trading and are carried at fair value with movements in fair value
recognised in the Income Statement.

Impairment of investments (non-current assets)

At each Statement of Financial Position date a provision for impairment is established based on expected credit losses.
If the asset is judged to be impaired the loss is recognised in the Income Statement.

Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the
Group will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure
required to settle the obligation at the Statement of Financial Position date, and are discounted to present value where
the effect is material.

Stock properties

Properties that are purchased for future sale are classified as stock properties. Stock properties are valued at the lower
of cost and net realisable value. Cost comprises the cost of the property and those overheads that have been incurred
in bringing the stock properties to their present condition. Net realisable value represents the estimated selling price less
all estimated costs to be incurred in marketing, selling and distribution.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

4. Significant accounting policies continued

Share capital

Share capital represents the nominal value of shares issued by the Company.

Share premium

Share premium represents amounts received in excess of nominal value on the issue of share capital.

Treasury shares

Treasury shares represents the cumulative amounts paid to re-purchase shares in the company.

Capital redemption reserve

The capital redemption reserve arises on the purchase of the Company’s own shares for cancellation.

Retained earnings

Retained earnings represent the accumulated comprehensive income and losses of the Group less dividends paid.

Dividends

Dividends are recognised based on the value per share declared. Where scrip dividends are issued, the value of such
shares, measured as the amount of the cash dividend alternative, is credited to share capital and share premium. The net
movement in equity represents the cash paid on the dividend.

Leases

IFRS 16 was adopted as of 1 January 2019. A right of use asset and a lease liability has been recognised for all leases
except leases of low value assets, which are considered to be those with a fair value below £10,000, and those with a
duration of 12 months or less. The right-of-use asset has been measured at cost, which is made up of the initial
measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and
remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date.

The Group will depreciate the right-of-use assets on a straight-line basis from the lease commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Where impairment indicators
exist, the right of use asset will be assessed for impairment.

The lease liabilities are measured at the present value of the lease payments due to the lessor over the lease term,
discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate.

After initial measurement, any payments made will reduce the liability and the interest accrued will increase it. Any
reassessment or modification will lead to a remeasurement of the liability. In such case, the corresponding adjustment
will be reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.

On the Statement of Financial Position, right-of-use assets have been capitalised and included as a separate item.

The Group as lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognised on a straight line basis over the lease term. The sub-lease for the office premises has not been recognised
on the grounds of materiality.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

5. Revenue, cost of sales and other income
The Group’s only operating segment is investment and dealing in property and securities. All revenue, cost of sales and
profit or loss before taxation is generated in the United Kingdom. The Group is not reliant on any key customers.

Other income
Surrender premiums (Billericay)
Furlough support
Service charge management fees
Dilapidations and other

6. Operating profit

The operating profit for the year is stated after charging:
Fees payable to the Group’s auditor for the audit of both the parent company
and the Group’s annual report and accounts (and its subsidiaries):

Current Auditor
Previous auditor

Fees paid to the Group’s auditor for other services:
Other services provided

7. Staff costs

Staff costs, including Directors’ remuneration, were as follows:
Wages and salaries
Social security costs
Pension contributions

2021
£’000

300
33
110
515

958

2021
£’000

85
–

2021
£’000

739
73
29

841

2020
£’000

–
104
101
262

467

2020
£’000

83
14

2020
£’000

809
88
32

929

The average monthly number of employees, including Directors, during the year was as follows:

Directors
Other employees

2021
Number

2020
Number

5
14

5
16

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

8. Directors’ remuneration

Emoluments for services as Directors

2021
£’000

232

2020
£’000

228

There are no Directors with retirement benefits accruing under money purchase pension schemes in respect of qualifying
services. Please refer to the Directors’ Report for information on the highest paid Director and in respect of individual
Directors’ emoluments. Key management are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group. In the opinion of the Board, the Group’s key management comprises the Executive
and Non-Executive Directors of Panther Securities PLC. Information regarding their emoluments is set out above.

The following disclosures are in respect of employee benefits payable to the Directors of Panther Securities PLC across
the Group and are thus stated in accordance with IFRS:

Emoluments for services as directors
Employers’ NIC

Short term employee benefits (salaries and benefits)

Investment income

Interest on bank deposits
Dividends from equity investments

10. Finance costs

Interest payable on bank overdrafts and loans
Interest payable on lease liabilities

Finance costs – interest
Finance costs – swap interest (on financial derivatives)
Finance costs – swap variation

2021
£’000

232
30

262

2021
£’000

8
21

2021
£’000

1,635
687

2,322
2,806
5,000

10,128

2020
£’000

228
30

258

2020
£’000

9
32

2020
£’000

1,596
687

2,283
2,726
–

5,009

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

11. Income tax charge
The charge for taxation comprises the following:

Current year UK corporation tax
Prior year UK corporation tax

Current year deferred tax debit/(credit) – note 25

Income tax expense/(credit) for the year

2021
£’000

971
(67)

904
1,507

2,411

2020
£’000

310
58

368
(439)

(71)

Domestic income tax is calculated at 19.00% (2020 – 19.00%) of the estimated assessable profit or loss for the year.
The provision for deferred tax has been calculated on the basis of 25.00% (2020 – 19.00%).

The total charge for the year can be reconciled to the accounting profit or loss as follows;

Profit/(loss) before taxation
Profit/(loss) before tax multiplied by the average
of the standard rate of UK corporation tax of
19.0% (2020 – 19.0%)
Tax effect of expenses that are not deductible
in determining taxable profit
Dividend income not taxable for tax purposes
Tax on chargeable gains difference to profits
Movement in deferred tax on revalued assets
Losses brought forward utilised
Difference in current and deferred tax rates
Prior year corporation tax over provision

Tax charge/(credit)

2021
£’000

15,922

3,025

8
(4)
1,597
(2,283)
(227)
362
(67)

2,411

2021
%

19.0

0.1
(0.0)
10.0
(14.4)
(1.4)
2.2
(0.4)

12. Profit or (loss) attributable to members of the parent undertaking

Dealt with in the accounts of:
– the parent undertaking
– subsidiary undertakings

Reconciliation of parent company profit and loss

Profit/(loss) of parent company before intercompany adjustments
Bad debt provision – intercompany loan/investments*
Intercompany dividends*

Loss attributable to members of the Parent undertaking

* removed on consolidation

2020
£’000

2,573

489

21
(6)
(75)
(558)
–
–
58

(71)

2021
£’000

3,572
9,939

13,511

2021
£’000

18,637
3,700
(18,765)

3,572

2020
%

19.0

0.8
(0.2)
(2.9)
(21.7)
–
–
2.3

2020
£’000

(9,725)
12,369

2,644

2020
£’000

(9,861)
5,200
(5,064)

(9,725)

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

13. Dividends
Amounts recognised as distributions to equity holders in the period:

Final dividend for the year ended 31 December 2020 of 6p per share (2019: 6p per share)
Interim dividend for the year ended 31 December 2020 of 6p per share

2021
£’000

1,061
1,061

2,122

2020
£’000

1,061
–

1,061

The Directors recommend a payment of a final dividend for the year ended 31 December 2021 of 6p per share (2020 –
6p), following the interim dividend which was paid on 9 February 2022 of 6p per share (2020 – 6p). The final dividend of 6p
per share will be payable on 20 July 2022 to shareholders on the register at the close of business on 1 July 2022 (Ex
dividend on 30 June 2022).

The full ordinary dividend for the year ended 31 December 2021 is anticipated to be 12p per share, subject to shareholder
approval, being the 6p interim per share paid and the recommended final dividend of 6p per share.

14. Earnings per ordinary share (basic and diluted)
The calculation of profit per ordinary share is based on the profit, being a profit of £13,511,000 (2020 – £2,644,000) and
on 17,683,469 ordinary shares being the weighted average number of ordinary shares in issue during the year excluding
treasury shares (2020 – 17,683,469). There are no potential ordinary shares in existence. The Company holds 63,460
(2020 – 63,460) ordinary shares in treasury.

15. Plant and equipment

Cost
At 1 January 2020
Disposals

At 1 January 2021
Disposals

At 31 December 2021

Accumulated depreciation
At 1 January 2020
Disposals

At 1 January 2021
Disposals

At 31 December 2021

Carrying amount
At 31 December 2021 and 2020

Fixtures and
equipment
£’000

Motor
vehicles
£’000

Total
£’000

89
(16)

73
–

89
(16)

73
–

–

8
–

–

97
(16)

81
–

97
(16)

81
–

–

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

16. Investment properties

Fair value
At 1 January 2020
Additions
Disposals
Fair value adjustment on investment properties held on leases
Revaluation increase

At 1 January 2021
Additions
Disposals
Fair value adjustment on investment properties held on leases
Revaluation increase

At 31 December 2021

Carrying amount
At 31 December 2021

At 31 December 2020

Investment
properties
£’000

169,340
5,538
(550)
501
6,146

180,975
537
(15,140)
51
961

167,384

180,975

At 31 December 2021, £130,748,000 (2020 – £128,715,000) and £36,636,000 (2020 – £52,260,000) included within
investment properties relates to freehold and leasehold properties respectively.

On the historical cost basis, investment properties would have been included as follows:

Cost of investment properties

2021
£’000

2020
£’000

135,172

134,493

The Group has pledged £148,765,000 (ignoring lease obligations) of investment property (2020 – £159,497,000) as
security for the main loan facilities with HSBC and Santander granted to the Group at the Statement of Financial Position
date. A further £2,100,000 is pledged to Shawbrook Bank.

Costs relating to ongoing and potential developments are included in additions to investment properties and in the year
ended 31 December 2021 amounted to £287,000 (2020 – £1,746,000).

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

16. Investment properties continued
The property rental income earned by the Group from its investment property, all of which is leased out under operating
leases, amounted to £13,135,000 (2020 – £13,014,000).

Property valuations are complex, require a degree of judgement and are based on data some of which is publicly available
and some that is not. Consistent with EPRA guidance, we have classified the valuations of our property portfolio as level
3 as defined by IFRS 13 Fair Value Measurement. Level 3 means that the valuation model cannot rely on inputs that are
directly available from an active market; however there are related inputs from auction results that can be used as a basis.
These inputs are analysed by segment in relation to the property portfolio. All other factors remaining constant, an
increase in rental income would increase valuation, whilst an increase in equivalent nominal yield would result in a fall in
value and vice versa.

In establishing fair value the most significant unobservable input is considered to be the appropriate yield to apply to the
rental income. This is based on a number of factors including financial covenant strength of the tenant, location,
marketability of the unit if it were to become vacant, quality of property and potential alternative uses.

Yields applied across the majority of the portfolio are in the range of 5% – 15% with the average yield being circa 8%.
Assuming all else stayed the same; a decrease of 1% in the average yield would result in an increase in fair value of
£23,455,000. An increase of 1% in the average yield would result in a decrease in fair value of £18,243,000.

Carter Jonas did an updated valuation at July 2021 (of 90% of the investment properties) and the Directors based their
year-end valuation significantly on this external valuation adopting these values unless there had been a significant change
that required adjustment. The valuation methodology applied by the Directors and the external valuers is in accordance
with The RICS Valuation Global Standards (effective from July 2017), which is consistent with the required IFRS 13
methodology. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date.

For some properties, valuation was based on an end development rather than investment income in order to achieve
highest and best use value. To get the valuation in this instance the end development is discounted by profit for a
developer and cost to build to get to the base estimated market value of investment.

The amount of unrealised gains or losses on investment properties is charged to the Income Statement as the
movement in fair value of investment properties, for 2021 this was a fair value gain of £961,000 (2020 – £6,146,000). The
amount of realised gains or losses is shown as the profit on disposal of investment properties within the income
statement, for 2021 there was a realised gain of £701,000 (2020 – £150,000).

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

17. Subsidiaries
Details of the Company’s subsidiaries at 31 December 2021 are as follows;

Name of subsidiary

Panther Trading Limited
Panther (Dover) Limited
Panther Gateshead (VAT) Limited
Panther Maldon Industrial Limited
Panther Shop Investments (Midlands) Limited
Panther Investment Properties Limited
Panther (Bromley) Limited (*)
Snowbest Limited
Surrey Motors Limited
Westmead Building Company Limited
Multitrust Property Investments Limited
Etonbrook Properties PLC
Northstar Property Investment Limited
Panther (VAT) Properties Limited
Northstar Land Limited
London Property Company PLC
Eurocity Properties PLC
Eurocity Properties (Central) Limited (**)
CJV Properties Limited (**)
Panther AL Limited
Panther AL (VAT) Limited
Melodybright Limited
Panther Hinckley (VAT) Limited
Lord Street Properties (Southport) Limited

* – 100% subsidiary of Surrey Motors Limited
** – 100% subsidiaries of Eurocity Properties PLC

Country of
incorporation
and operation

Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain
Great Britain

Activity

Property
Property
Property
Property
Property
Property
Property
Property
Non-trading
Property
Property
Non-trading
Property
Property
Dormant
Dormant
Property
Property
Property
Property
Property
Property
Property
Property

Proportion
of ownership
interest
%

Proportion
of voting
power held
%

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
99.99

All companies have a 31 December year end and have been included in the consolidated financial statements.

The registered office of all the above companies is Unicorn House, Station Close, Potters Bar, Herts, EN6 1TL.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

18. Investments

Cost or valuation
At 1 January 2020
Additions
Movement in fair value taken to equity
Disposals

At 1 January 2021

Additions
Movement in fair value taken to equity
Disposals

At 31 December 2021

Comprising at 31 December 2021:
At cost
At valuation/net realisable value

Carrying amount
At 31 December 2021

At 31 December 2020

Non-current
assets
£’000

927
633
(354)
(592)

614

6
204
(532)

292

17
275

292

614

The investments represent investments in listed and unquoted equity securities that offer the Group the opportunity for
return through dividend income and fair value gains. They have no fixed maturity or coupon rate. The fair values of the
listed securities are based on quoted market prices. The securities carried at fair value are classified as Level 1 in the fair
value hierarchy specified in IFRS 13. The fair value of investments in unquoted equity securities, which are not publically
traded, is measured at fair value. The valuation of the investments is sensitive to stock exchange conditions.

Price risk

For the year ended 31 December 2021 if the average share price of the portfolio was 10% lower, then the loss recognised
in Other Comprehensive Income would have been £21,000 lower (2020: £77,000 lower). Corresponding gains would be
seen for a 10% uplift.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

19. Stock properties

Stock properties

2021
£’000

350

2020
£’000

350

The market value of stock properties is £685,000 (2020 – £685,000).

£585,000 (2020: £585,000) of stock properties at market value have been provided as security for the bank loan from
HSBC and Santander referred to in note 24.

The market value shown as at 31 December 2021, one stock property was valued by the Carter Jonas at July 21 and
both valued by the Directors for the year end. The stock properties are held at the lower of cost and market value and as
such any uplift is not recognised in the financial statements.

20. Capital commitments

Capital expenditure that has been contracted for but
has not been provided for in the accounts

2021
£’000

3,135

We have contracted to purchase a building in 2022 being £3,135,000 remaining after deposit paid.

21. Trade and other receivables

Trade receivables
Bad debt provision

Other debtors
Prepayments
Accrued income

2021
£’000

2,957
(1,242)

1,715

63
266
952

2,996

2020
£’000

200

2020
£’000

4,864
(2,470)

2,394

23
896
612

3,925

The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Net trade
receivables are financial assets. The total of financial assets included within the financial statements at amortised cost
is £16,082,000 (2020 – £12,247,000) (which relates to £2,730,000 (2020 – £3,029,000) included in the above (less
prepayments) and the Group’s cash or cash equivalents).

Debts are specifically provided for on an expected credit loss model. The bad debt provision includes all material doubtful
debts that the directors are aware of. Other receivables and accrued income are shown net of provisions.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

21. Trade and other receivables continued
Aged Trade receivables are shown below:

Up to 30 days
Up to 60 days
Up to 90 days
Up to 120 days
Over 120 days

Total

2021
£’000

1,016
296
211
263
1,171

2,957

2021
%

34%
10%
7%
9%
40%

2020
£’000

2,052
305
66
746
1,695

4,864

2020
%

43%
6%
1%
15%
35%

Movement in allowance for doubtful debts on trade and other receivables and cash and cash equivalents:

Balance at 1 January 2020
Amount written off as uncollectable
Charge/(credit) to income statement

Balance at 1 January 2021
Amounts written off as uncollectable
Charge/(credit) to income statement

Balances at 31 December 2021

Trade
receivables
£’000

Cash and cash
equivalents
£’000

1,392
(592)
1,670

2,470
(1,514)
286

1,242

45
–
(1)

44
(43)
(1)

–

Total
bad debt
provisions
£’000

1,437
(592)
1,669

2,514
(1,558)
286

1,242

The cash and cash equivalents balances provided against related to balances on account with Kaupthing Singer and
Friedlander before they went into administration in 2008. The Group at the Statement of Financial Position date had
received 87.03p in the pound from an original balance of £332,000 and the administrators have confirmed there will be
no more payments.

22. Other financial assets

Cash and cash equivalents

Cash and cash equivalents comprise of cash held by the Group and short-term bank deposits. The carrying amount of
these assets approximates their fair value.

Credit risk

The Group’s financial assets are cash and cash equivalents and trade and other receivables.

The credit risk on liquid funds is mitigated by the use of bank counterparties with high credit-ratings assigned by
international credit-rating agencies. Kaupthing Singer and Friedlander went into administration and all of its balances are
provided against (see note 21). Further information on the Group’s credit risk is detailed within the Group Strategic Report.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

23. Share capital

Allotted, called up and fully paid
17,746,929 (2020 – 17,746,929) ordinary shares of £0.25 each

2021
£’000

2020
£’000

4,437

The Company has one class of ordinary shares which carry no fixed right to income.

During 2021 no ordinary shares were issued in the period (2020 – no ordinary shares were issued). 63,460 (2020 – 63,460)
ordinary shares are held in treasury.

24. Bank loans

Bank loans due within one year
(within current liabilities)
Bank loans due after more than one year
(within non-current liabilities)

Total bank loans

Analysis of debt maturity

Trade and other payables**
Bank loans repayable
On demand or within one year
In the second year
In the third year to the fifth year

2021
£’000

560

2020
£’000

63,066

55,513

56,073

63,117

2021
£’000
Interest*

–

1,759
1,741
864

4,364

2021
£’000
Capital

4,889

560
500
55,013

60,962

2021
£’000
Total

4,889

2,319
2,241
55,877

65,326

2020
£’000
Total

5,995

63,383
52
–

69,430

based on the year end 3 month SONIA floating rate – 0.45%, and bank rate of 0.50%.

*
** Trade creditors, other creditors and accruals

On 16 July 2021 the Group last renewed its loan facility by entering into a 3 year term loan with HSBC and Santander for
£66,000,000.

A Shawbrook bank loan of £60,000 at the year-end is repayable over its life to September 2022.

The bank loans are secured by first fixed charges on the properties held within the Group and floating asset over all the
assets of the Company. The lenders have also taken fixed security over the shares held in the Group undertakings.

The estimate of interest payable is based on current interest rates and as such, is subject to change.

The Directors estimate the fair value of the Group’s borrowings, by discounting their future cash flows at the market rate
(in relation to the prevailing market rate for a debt instrument with similar terms). The fair value of bank loans is not
considered to be materially different to the book value. Bank loans are financial liabilities.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

25. Deferred taxation
The following are the major deferred tax assets and liabilities recognised by the Group, and the movements thereon,
during the current and prior reporting periods.

Asset at 1 January 2020
Credit to equity for the year
Credit to Income Statement for the year

Asset at 1 January 2021
Debit to equity for the year
Debit to Income Statement for the year

Asset at 31 December 2021

Deferred taxation arises in relation to:

Deferred tax

Deferred tax liabilities:
Investment properties

Deferred tax assets:
Tax allowances in excess of book value
Fair value of investments
Derivative financial liability

Net deferred tax asset

Total
£’000

3,304
67
439

3,810
(51)
(1,507)

2,252

2021
£’000

2020
£’000

(2,016)

(2,681)

323
131
3,814

2,252

271
138
6,082

3,810

As at 31 December 2021 the substantively enacted rate was 25% (2020: 19%) and this has been used for the deferred
tax calculation.

26. Trade and other payables

Trade creditors
Social security and other taxes
Other creditors
Leases (see note 29)
Accruals
Deferred income

2021
£’000

2,311
1,204
1,426
687
1,152
2,238

9,018

2020
£’000

3,602
329
1,208
687
1,185
2,350

9,361

Trade creditors and accruals comprise amounts outstanding for trade purchases.

The Directors consider that the carrying amount of trade payables approximates their fair value.

All trade and other payables are due within one year. Trade creditors and accruals are financial liabilities.

Liabilities included within the financial statements at amortised cost total £71,206,000 (2020 – £78,467,000) (includes
payables above and the long term and short term borrowings, excluding deferred income plus lease liabilities).

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

27. Derivative financial instruments
The main risks arising from the Group’s financial instruments are those related to interest rate movements. Whilst there
are no formal procedures for managing exposure to interest rate fluctuations, the Board continually reviews the situation
and makes decisions accordingly. Hence, the Company will, as far as possible, enter into fixed interest rate swap
arrangements. The purpose of such transactions is to manage the cash flow risks associated with a rise in interest rates
but does expose it to fair value risk.

Bank loans
Interest is charged as to:

Fixed/Hedged
HSBC Bank plc*
HSBC Bank plc**
Unamortised loan arrangement fees
Floating element
HSBC Bank plc
Shawbrook Bank Ltd

Rate

7.76%
4.71%

2021
£’000

35,000
25,000
(737)

(3,250)
60

56,073

2020
£’000

35,000
25,000
–

3,000
117

63,117

Rate

7.01%
6.58%

Bank loans totalling £60,000,000 (2020 – £60,000,000) are fixed using interest rate swaps removing the Group’s exposure
to fair value interest rate risk. Other borrowings are arranged at floating rates, thus exposing the Group to cash flow
interest rate risk.

Financial instruments for Group and Company

The derivative financial assets and liabilities are designated as held for trading.

Derivative Financial Liability
Interest rate swap*
Interest rate swap
Interest rate swap

Hedged
amount
£’000

35,000
25,000
25,000

Duration of
contract
remaining
‘years’

16.69
–
9.92

Average
rate

5.06%
4.63%
2.01%

Net fair value gain/(loss) on derivative financial assets

2021
Fair
value
£’000

(12,833)
–
(2,422)

(15,255)

16,754

2020
Fair
value
£’000

(26,577)
(1,100)
(4,332)

(32,009)

(5,498)

Fixed rate came into effect in September 2008, following a variation, in September 2023 the rate drops to 3.4% for the remaining term.

*
** This arrangement came into effect in December 2021.

The rates shown includes a 2.7% margin (2020 – 1.95%).
Neither contracts include break options in the term but are repayable on a cessation of lending.

Interest rate derivatives are shown at fair value in the Income Statement, and are classified as Level 2 in the fair value
hierarchy specified in IFRS 13.

The vast majority of the derivative financial liabilities are due in over one year and therefore they have been disclosed as
all due in over one year.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

27. Derivative financial instruments continued
As mentioned elsewhere within these accounts the valuation of these derivative instruments is problematic as a singular
number cannot fully make clear the high sensitivity effecting the calculated valuation to the various inputs and market
conditions. In order to demonstrate the variations the combined liability of these instruments since 2008 have been at
the lowest £6m and the highest shown was £31m and even since the year end the indicative values at March 2022 for the
same instruments is circa £5m lower.

The above fair values are based on quotations from the Group’s banks and Directors’ valuation.

Analysis of debt maturity

Annual cash flows in respect of derivative financial instruments are approximately £2,806,000 (2020: £2,726,000) per
annum based on current 2021 SONIA (2020: LIBOR) rates.

Interest rate risk

For the year ended 31 December 2021, if on average the 3 month SONIA over the year had been 100 basis points (1%)
higher with all other variables held constant, under the financing structure in place at the year end, profit before tax for
the year would have been approximately £400 lower (2020: £31,000 higher). This analysis excludes any effect this rate
adjustment might have on expectations of future interest rates movements which is likely to affect the estimation of
the fair value of the derivative financial liabilities (as this movement would also be shown within the Income Statement
affecting post-tax profit or loss), but indicates the likely cash saving/(cost) a 100 basis points (1%) movement would have
had for the Group.

Treasury management

The long-term funding of the Group is maintained by three main sources, all with their own benefits. The Group has equity
finance, has surplus profits and cash flow which can be utilised, and also has loan facilities with financial institutions. The
various available sources provide the Group with more flexibility in matching the suitable type of financing to the business
activity and ensure long-term capital requirements are satisfied. Please also see the Financial Risk management:
Objectives, policies and processes for managing risk, of the Group Strategic Report.

28. Contingent liabilities
There were no contingent liabilities at the year-end (2020: nil).

29. Lease arrangements and obligations under leases
IFRS 16 eliminates the classification of leases as operating leases or finance leases and treats all in a similar way to
finance leases.

The Group as lessee

The Group paid rent under non-cancellable leases in the year of £843,000 (2020 – £878,000).

The majority of these non-cancellable lease obligations are long leasehold investments in which the Group receives a
profit rent. These investments often have rents payable, often with a contingent element (for example paying a
proportion of collected rents), and a minimum rent obligation that is due to the superior landlord.

The average lease length is 149 years. The minimum rental payment obligations due under these operating leases and
anticipated rental income derived from these investments are shown below. The rate used to determine the present
value of the minimum rental payment obligations, is the cost of capital relevant to the time they were first entered into
(majority of these are at 7.13% relating to when standard first introduced). The difference between the rents payable in
the year of £843,000 (2020: £878,000) and the minimum for the year of £687,000 (2020: £687,000) is related to the
contingent element only payable out of rents receivable.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

29. Lease arrangements and obligations under leases continued

Minimum future payments under non-cancellable leases

(Lessee)

Payable within one year
Payable between one year and five years
Payable in more than five years

Anticipated rental income derived under non-cancellable sub leases

(Lessor)

Payable within one year
Payable between one year and five years
Payable in more than five years

Leases due within one year
(included within current liabilities)

Leases due within one to five years
Leases due in more than five years

(included within non-current liabilities)

Total lease obligations

The Group as a lessor

2021
£’000

687
2,748
44,554

47,989

2021
£’000

3,385
10,567
5,507

19,459

2021
£’000

687

2,748
5,605

8,353

9,040

2020
£’000

687
2,748
45,526

48,961

2020
£’000

3,434
10,668
5,616

19,718

2020
£’000

687

2,748
5,591

8,339

9,026

The Group rents out its investment properties under leases. Revenue represents the Groups rental income for the year.

Contracted rental income derived under non-cancellable leases on investment properties

Payable within one year
Payable between one year and five years
Payable in more than five years

2021
£’000

9,841
29,022
23,654

62,517

2020
£’000

11,350
30,221
26,845

68,416

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

30. Reconciliation of liabilities from financing activities

Derivative financial instruments
Leases (current)
Leases (non-current)
Borrowings (current)
Borrowings (non-current)

1 January
2020
£’000

(26,511)
(651)
(7,912)
(1,072)
(58,955)

(95,101)

1 January
2021
£’000

(32,009)
(687)
(8,339)
(63,066)
(51)

Cash
flow
£’000

–
687
–
1,070
(4,000)

(2,243)

Cash
flow
£’000

5,000
687
–
3,066
4,128

(104,152)

12,881

Non-cash
movements
New Leases
£’000

Other
non-cash
movements
£’000

31 December
2020
£’000

–
(36)
(1,114)
–
–

(1,150)

(5,498)
(687)
687
(63,064)
62,904

(32,009)
(687)
(8,339)
(63,066)
(51)

(5,658)

(104,152)

Non-cash
movements
New leases
£’000

Other
non-cash
movements
£’000

31 December
2021
£’000

–
–
(701)
–
–

(701)

11,754
(687)
687
59,440
(59,590)

11,604

(15,255)
(687)
(8,353)
(560)
(55,513)

(80,368)

31. Events after the reporting date
On 4 January 2022, a further £2m was repaid off the revolving facility leaving £11m available to be redrawn for the
purchase of approved properties.

We have agreed a new lease 5 year lease for a 200,000 square foot industrial building, Bentalls Complex, Maldon, for
£800,000 pa with effect from 1 March 2022. The previous lease ended in November 2021 and produced £650,000 pa.

On 3 March 2022 the Company purchased 110,000 of its own shares of 25 pence each at a price of £2.45 per share.
These shares will be held as treasury shares. The total number of ordinary shares held in treasury following this purchase
is 173,460 ordinary shares.

32. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note.

The compensation of the Group’s key management personnel is shown in note 8 to the financial statements and
Directors’ emoluments are shown in note 8 and the Directors’ Report.

At 31 December 2021 included within creditors was, £69,000 (2020: 22,000) payable to the beneficiaries of the estate
of late F Perloff, £9,000 due to H Perloff (2020: £16,000), all close family members of a director. Movement in the year
related to property management services. Also A Perloff owed the Group £8,000 (2020: £3,000) at the year end.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Consolidated Financial Statements continued

32. Related party transactions continued
At 31 December 2021 included within creditors was, £56,000 (2020: £61,000) owed to Maland Pension Fund a company
sponsored pension scheme (for a director). This is a trading relationship as the balance owed was in relation to a jointly
owned property were the interests were split and have been for many years. The company has not contributed for over
a decade and there are no plans to make any further contributions.

Anglia Home Furnishings Ltd, a company owned wholly by Portnard Ltd (47% shareholder in Panther and has common
directors) pays rent to the group of £125,000 pa in Canterbury. The related party also took a short license from May to
October 2021 on part of a property in Peterborough, paying a percentage of their turnover (this also ended in 2021) – we
received an additional £10,000 as well as saving holding costs.

New Start 2020 Ltd, a company owned wholly by Portnard Ltd took two licenses in the 2021, on ex-Beales department
stores in Peterborough (1 year from May 2021) and Southport (5 years from June 2021), paying a percentage of their
turnover. Approximately £52,000 was paid on these leases in 2021 as well as saving holding costs.

During the year dividends of £570,000 (2020: £285,000) were paid to directors of the Group.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Parent Company Statement of Financial Position
As at 31 December 2021

Notes

£’000

89,052
29
10,671

99,752

(13,277)

38
27

Fixed assets
Investments

Current assets
Debtors
Current asset investments
Cash at bank and in hand

Creditors: amounts falling due
within one year

Net current assets

Total assets less current liabilities

Creditors: amounts falling due after
more than one year
Derivative financial liability

Net assets

Capital and reserves
Called up share capital
Share premium account
Treasury shares
Capital redemption reserve
Profit and loss account

Shareholders’ funds

2021
£’000

19,640

86,475

106,115

(55,513)
(15,255)

35,347

4,437
5,491
(213)
604
25,028

35,347

£’000

94,788
29
7,664

102,481

(74,454)

2020
£’000

22,662

28,027

50,689

–
(32,009)

18,680

4,437
5,491
(213)
604
8,361

18,680

As permitted under Section 408 of the Companies Act 2006, no Income Statement or Statement of Comprehensive
Income is presented for the parent company.

The Parent Company made a profit of £18,637,000 (2020: a loss of £9,861,000).

The accounts were approved by the Board of Directors and authorised for issue on 22 April 2022. They were signed on
its behalf by:

A.S. Perloff
Chairman

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Parent Company Statement of Changes in Equity
For the year ended 31 December 2021

Balance at 1 January 2020
Loss for the year
Movement in fair value of investments
taken to equity
Deferred tax relating to movement in fair
value of investments taken to equity
Dividends

Balance at 1 January 2021
Profit/(loss) for the year
Movement in fair value of investments
taken to equity
Deferred tax relating to movement in
fair value of investments taken to equity
Realised fair value on disposal of investments
previously taken to equity
Realised deferred tax relating to disposal of
investments previously taken to equity
Dividends

Share
capital
£’000

4,437
–

Share
premium
£’000

5,491
–

Capital
Treasury redemption
reserves
£’000

shares
£’000

Retained
earnings
£’000

Total
£’000

(213)
–

604
–

19,570
(9,861)

29,889
(9,861)

–

–
–

–

–
–

–

–
–

4,437
–

5,491
–

(213)
–

–

–
–

–

–
–

–

–
–

–

–
–

604
–

–

–
–

(354)

67
(1,061)

8,361
18,637

67
(1,061)

18,680
18,637

(14)

148

(37)
(2,122)

Balance at 31 December 2021

4,437

5,491

(213)

604

25,028

35,347

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Parent Company Financial Statements
For the year ended 31 December 2021

33. Accounting policies for the Parent Company
The Parent Company financial statements have been prepared in accordance with Financial Reporting Standard 101
Reduced Disclosure Framework.

Basis of preparation of financial statements

The company has taken advantage of the following disclosure exemptions under FRS 101:

•

the exemption from providing certain comparative information;

the exemption from preparing a statement of cash flows;

the exemption from declaring compliance with IFRS;

the exemption from disclosing aspects of capital risk management;

the exemption from providing a reconciliation on the number of shares outstanding;

the exemption from disclosing information about IFRS in issue but not yet adopted;

the exemption from disclosing key management personnel compensation; and

the exemption from disclosing transactions between wholly owned group members.

In relation to the following exemptions equivalent disclosures have been given in the consolidated financial statements:

•

the exemption from certain financial instrument disclosures; and

the exemption from certain fair value disclosures.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts
reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes
could differ from those estimates.

Judgements and key sources of estimation uncertainty of the Group, applicable to the consolidated financial statements
have been disclosed in note 3 to the consolidated financial statements. The only additional judgement relates to the
recoverability of intercompany balances. Apart from that there are no additional judgements and key sources of
estimation uncertainty that are applicable to the Parent Company only.

Significant accounting policies

The accounting policies of the Parent Company are identical to those adopted in the Consolidated Financial Statements
of the Group, where applicable, with the exception of revenue recognition and investments in subsidiaries and the
assessment of balances such as intercompany receivables which are cancelled out on consolidation.

Revenue recognition

Turnover comprises dividend income from investments recognised when the Company’s rights to receive payment have
been established.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Parent Company Financial Statements continued

33. Accounting policies for the Parent Company continued

Investments

Under IFRS 9, the Company has made an irrevocable election at initial recognition for particular investments in equity
instruments that would otherwise be measured at fair value through profit or less to present subsequent changes through
other comprehensive income. Fair values of these investments are based on quoted market prices where available.
Investments in unquoted equity securities is also considered and measured at fair value. Movements in fair value are
taken directly to equity. When these investments are considered impaired in accordance with the requirements of IFRS 9,
under the expected credit loss model, the impairment losses are recognised in the Income Statement. The investments
represent investments in listed and unquoted equity securities that offer the Group the opportunity for return through
dividend income and fair value gains. They have no fixed maturity or coupon rate. Those shares that are expected to be
held for the long term are shown as non-current assets and those that are held for short term are shown as
current assets.

Investments in subsidiaries is recorded at cost less impairment.

Current asset investments are held for short term trading and are carried at fair value with movements in fair value
recognised in the Income Statement.

34. Staff costs

Staff costs, including Directors’ remuneration, were as follows:
Wages and salaries
Social security costs
Pension contributions

2021
£’000

739
73
29

841

2020
£’000

809
88
32

929

The average monthly number of employees, including Directors, during the year was as follows:

Directors
Other employees

2021
Number

2020
Number

5
13

5
16

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Parent Company Financial Statements continued

35. Fixed asset investments

Cost or valuation
At 1 January 2021
Additions
Movement in fair value taken to equity
Disposals
Provisions

At 31 December 2021

Investments:
Listed
Unlisted

Shares in
Group
undertakings
£’000

Other
investments
£’000

22,048
–
–
–
(2,700)

19,348

–
19,348

614
6
204
(532)
–

292

275
17

Total
£’000

22,662
6
204
(532)
(2,700)

19,640

275
19,365

The above investments are shown at market value where there is an active market for these shares. The historic cost of
listed investments is £479,000 (2020: £1,324,000).

For details of the Company’s subsidiaries at 31 December 2021, see note 17.

36. Debtors

Due less than one year:
Other debtors
Corporation tax
Amounts owed by Group undertakings
Prepayments and accrued income
Due more than one year:
Deferred tax (note 39)

37. Creditors

Amounts falling due within one year

Trade creditors
Bank loans
Amounts owed to Group undertakings
Social security and other taxes
Other creditors
Accruals and deferred income

2021
£’000

62
500
84,516
29

3,945

89,052

2021
£’000

70
500
12,111
71
135
390

13,277

2020
£’000

23
121
87,737
687

6,220

94,788

2020
£’000

1,159
63,000
9,816
47
105
327

74,454

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Parent Company Financial Statements continued

38. Creditors

Amounts falling due after more than one year

Bank loans

2021
£’000

55,513

2020
£’000

–

The bank loan is secured by first fixed charges on the properties held within the Group and floating charge over all the
assets of the Company. The lenders have also taken fixed security over the shares held in the Group undertakings.

39. Deferred taxation
The following potential deferred taxation asset is recognised:

Fair value of investments
Fair value of financial instruments

40. Called up share capital

Authorised
30,000,000 ordinary shares of £0.25 each

Allotted, called up and fully paid
17,746,929 (2020: 17,746,929) ordinary shares of £0.25 each

2021
£’000

131
3,814

3,945

2020
£’000

138
6,082

6,220

2021
£’000

2020
£’000

7,500

4,437

The Company is limited by shares and has one class of ordinary shares which carry no right to fixed income.

During 2021, no ordinary shares were issued in the period (2020: nil). 63,460 (2020: 63,460) ordinary shares of £0.25 each
are held in treasury representing 0.4% of the Company’s issued share capital.

41. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note.

The compensation of the Group’s key management personnel is shown in note 8 to the financial statements and
Directors’ emoluments are shown in note 8 and the Directors’ Report.

At 31 December 2021 included within creditors was, £56,000 (2020: £61,000) owed to Maland Pension Fund a company
sponsored pension scheme (for a director). This is a trading relationship as the balance owed was in relation to a jointly
owned property were the interests were split and have been for many years. The company has not contributed for over
a decade and there are no plans to make any further contributions.

During the year dividends of £570,000 (2020: £285,000) were paid to directors of the Group.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notes to the Parent Company Financial Statements continued

42. Risk management
For information on the Company’s risk management please refer to note 27 of the Group accounts. As well as the risks
mentioned in the Group accounts, the company is also exposed to credit risk on intercompany receivables. The risk will
be low because the counterparties, the subsidiaries, have the adequate resources to settle the debt.

43. Events after the reporting period date
On 4 January 2022, a further £2m was repaid off the revolving facility leaving £11m available to be redrawn for the
purchase of approved properties.

44. Authorisation of financial statements and statement of compliance with FRS101
The financial statements of Panther Securities PLC (the “Company”) for the year ended 31 December 2021 were
authorised for issue by the Board of Directors on 22 April 2022 and the Statement of Financial Position was signed on the
board’s behalf by A S Perloff. Panther Securities PLC is incorporated and domiciled in England and Wales. These financial
statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework
(FRS 101) and in accordance with applicable accounting standards.

The Company’s financial statements are presented in Sterling and all values are rounded to the nearest (£000’s) except
when otherwise indicated.

The results of Panther Securities PLC are included within the consolidated financial statements of Panther Securities
PLC. The principal accounting policies adopted by the Company are set out in note 33.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notice of Annual General Meeting

Arrangements for the 2022 Annual General
Meeting (AGM).
The 88th Annual General Meeting of Panther Securities
P.L.C.
is planned to be held on 15 June 2022 at
Danubius Hotel Regents Park, 18 Lodge Road, NW8 7JT
at 11.30 am.

Whilst the meeting will be an open meeting, it will be
subject to any restrictions on physical meetings that
prevail at the time of the meeting.

As Ordinary Business
1. To receive and adopt the Group Strategic Report,
Directors’ Report and Financial Statements for the
year ended 31 December 2021 contained in the
document entitled “Annual Report and Financial
Statements 2021”.

2. To ratify the payment of a final dividend of 6.0p per

ordinary share as the final dividend.

3. To re-elect P. M. Kellner who is retiring by rotation, as

a Director.

4. To re-elect B .R. Galan who is retiring by rotation, as

a Director.

5. To reappoint auditors Crowe U.K. LLP and to
to determine their

authorise the Directors
remuneration.

As Special Business
To consider, and,
if thought fit, pass the following
resolutions of which resolutions 6 and 8 will be proposed
as ordinary resolutions and resolution 7 as a special
resolution.

6. That for the purposes of section 551 Companies
Act 2006 (and so that expressions used in this
resolution shall bear the same meaning as in the said
section 551):

6.1 the Directors be and are generally and
unconditionally authorised to allot equity
securities (as defined in section 560 of the
Companies Act 2006) up to a maximum
aggregate nominal amount of £2,400,000 to
such persons and at such times and on such
terms as they think proper during the period
expiring at the earlier of 15 months from the
date of passing of this resolution and the

conclusion of the Annual General Meeting of the
Company to be held in 2022 (unless previously
revoked or varied by the Company in general
meeting) except that the Company may before
such expiry make any offer or agreement which
could or might require relevant securities to be
allotted after such expiry and the Directors may
allot relevant securities pursuant to any such
offer or agreement as if such authority had not
expired; and

6.2 this resolution revokes and replaces all
unexercised authorities previously granted to
the directors pursuant to section 551 of the
Companies Act 2006 but without prejudice to
any allotment of shares or grant of rights already
made, offered or agreed to made pursuant to
such authorities.

7. That, subject to the passing of resolution 5, set out
in the Notice convening this Meeting, the Directors
are empowered in accordance with section 571 of
the Companies Act 2006 to allot equity securities (as
defined in section 560 of the Companies Act 2006)
for cash, pursuant to the authority conferred on
them to allot equity securities (as defined in section
560 of the Act) by that resolution and/or to sell equity
securities held as treasury shares for cash pursuant
to section 727 of the Companies Act 2006, in each
case as if section 561 (1) of the Companies Act 2006
did not apply to any such allotment or sale, provided
that the power conferred by this resolution shall be
limited to:

7.1 the allotment of equity securities in connection
with an issue or offering in favour of or sale to
holders of equity securities and any other
persons entitled to participate in such issue or
offering where the equity securities respectively
attributable to the interests of such holders and
persons are proportionate (as nearly as may be)
to the respective number of equity securities
held by or deemed to be held by them on the
record date of such allotment, subject only to
such exclusions or other arrangements as the
Directors may consider necessary or expedient
to deal with fractional entitlements or legal or
practical problems under
the laws or
requirements of any recognised regulatory body
or stock exchange in any territory;

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notice of Annual General Meeting continued

7.2 the allotment or sale (otherwise than pursuant
to paragraph 6.1 above) of equity securities up
to an aggregate nominal value not exceeding
£221,000; and

7.3 the power granted by this resolution, unless
renewed, shall expire at the earlier of 15 months
from the date of passing of this resolution and
the conclusion of the Annual General Meeting of
the Company to be held in 2022 but shall extend
to the making, before such expiry, of an offer or
agreement which would or might require equity
securities to be allotted after such expiry and the
Directors may allot equity securities in
pursuance of such offer or agreement as if the
authority conferred hereby had not expired.

8. That the Company is generally and unconditionally
the purpose of section 701
authorised for
Companies Act 2006 to make market purchases (as
defined in section 693 (4) of the said Act) of ordinary
shares of 25p each in the capital of the Company
(“ordinary shares”) provided that the Company be
and is hereby authorised to purchase its own shares
by way of market purchase upon and subject to the
following conditions:-

8.1 The maximum number of shares which may be

purchased is 2,500,000 ordinary shares;

8.2 The maximum price (exclusive of expense) at
which any share may be purchased is the price
equal to 5 per cent, above the average of the
middle market quotations of an ordinary share
as derived from the London Stock Exchange
Daily Official List for the five business days
preceding the date of such purchase, and
the minimum price at which any share may be
purchased shall be the par value of such
share; and

8.3 The authority to purchase conferred by this
Resolution shall expire at the conclusion of the
next Annual General Meeting of the Company
provided that any contract for the purchase of
any shares as aforesaid which was concluded
before the expiry of the said authority may be
executed wholly or partly after the said authority
expires.

The directors believe that the proposals in resolutions
1-8 are in the best interests of shareholders as a whole
and they unanimously recommend that you vote in
favour of the resolutions.

By order of the Board

S. J. Peters
Company Secretary

Registered Office
Unicorn House
Station Close, Potters Bar
Hertfordshire EN6 1TL

22 April 2022

See over for notes.

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notice of Annual General Meeting continued

Notes

Any member of the Company entitled to attend and
vote at this meeting is also entitled to appoint a proxy to
attend and vote in his stead. Such a proxy need not also
be a member of the Company.

A shareholder may appoint more than one proxy in
relation to the Annual General Meeting provided that
each proxy is appointed to exercise the rights attached
to a different share or shares held by that shareholder.

A proxy form is enclosed. To appoint a proxy,
shareholders must complete:

•

a form of proxy and return it together with the
power of attorney or other authority (if any) under
which it is signed or a notarially certified copy of
such authority, to Link Group, 29 Wellington Street,
Leeds, LS1 4DL; or

a CREST Proxy Instruction (as set out in paragraph
5 below);

in each case so that it is received not later than 48 hours
before the meeting. To appoint more than one proxy,
you will need to complete a separate proxy form in
relation to each appointment.

Please read the notes on the proxy form. The return of
a completed proxy form, will not prevent a shareholder
attending the Annual General Meeting and voting in
person if he/she wishes to do so.

4. CREST members who wish to appoint a proxy or proxies
through the CREST electronic proxy appointment
service may do so for the Annual General Meeting and
any adjournment(s) of the meeting by using the
procedures described in the CREST Manual (available via
personal
www.euroclear.com/CREST).
members or other CREST sponsored members, and
those CREST members who have appointed a service
provider(s), should refer to their CREST sponsor or
voting service provider(s), who will be able to take the
appropriate action on their behalf.

CREST

In order for a proxy appointment or instruction made
using the CREST service to be valid, the appropriate
CREST message (a “CREST Proxy Instruction”) must be
properly authenticated in accordance with Euroclear UK
& Ireland Limited’s specifications, and must contain the
information required for such instruction, as described
in the CREST Manual. The message, regardless of
whether it constitutes the appointment of a proxy or is
an amendment to the instruction given to a previously
appointed proxy must,
in order to be valid, be
transmitted so as to be received by the Company’s

agent RA10, by the latest time for receipt of proxy
appointments set out in paragraph 2 above. For this
purpose, the time of receipt will be taken to be the time
(as determined by the timestamp applied to the
message by the CREST Applications Host) from which
the Company’s agent is able to retrieve the message by
enquiry to CREST in the manner prescribed by CREST.
After this time, any change of instructions to proxies
appointed through CREST should be communicated to
the appointee through other means.

6. CREST members and, where applicable, their CREST
sponsors or voting service providers, should note that
Euroclear UK & Ireland Limited does not make available
special procedures in CREST for any particular
messages. Normal system timings and limitations will,
therefore, apply in relation to the input of CREST Proxy
Instructions.
It is the responsibility of the CREST
member concerned to take (or, if the CREST member
is a CREST personal member, or sponsored member, or
has appointed any voting service provider(s), to procure
that his CREST sponsor or voting service provider(s)
take(s)) such action as shall be necessary to ensure that
a message is transmitted by means of the CREST
system by any particular time. In this connection, CREST
members and, where applicable, their CREST sponsors
or voting service providers are referred, in particular, to
those sections of the CREST Manual concerning
practical limitations of the CREST system and timings.

In the case of joint holders, where more than one of the
joint holders purports to appoint a proxy, only the
appointment submitted by the most senior holder will
be accepted. Seniority is determined by the order in
which the names of the joint holders appear in the
Company’s register of members in respect of the joint
holding (the first-named being the most senior).

Any person to whom this Notice is sent who is a person
nominated under section 146 of the Companies Act
2006 to enjoy information rights (a “Nominated Person”)
may, under an agreement between him/her and the
shareholder by whom he/she was nominated, have a
right to be appointed (or to have someone else
appointed) as a proxy for the Annual General Meeting. If
a Nominated Person has no such proxy appointment
right or does not wish to exercise it, he/she may, under
any such agreement, have a right to give instructions to
the shareholder as to the exercise of voting rights. The
statement of the rights of shareholders in relation to the
appointment of proxies in paragraphs 1, 2 and 3 above
does not apply to Nominated Persons. The rights
described in these paragraphs can only be exercised by
shareholders of the Company

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notice of Annual General Meeting continued

available on the website. The business which may be
dealt with at the Annual General Meeting includes any
statement that the Company has been required under
section 527 of the Companies Act 2006 to publish on
a website.

13. Any member attending the meeting has the right to ask
questions. The Company must answer any such
question relating to the business being dealt with at the
meeting but no such answer need be given if: (a) to do so
would interfere unduly with the preparation for the
meeting or involve the disclosure of confidential
information; (b) the answer has already been given on a
website in the form of an answer to a question; or (c) it is
undesirable in the interests of the Company or the good
order of the meeting that the question be answered.

14.

If you have sold or otherwise transferred all your ordinary
shares in the Company, please forward this annual
report and accounts to the purchaser or transferee or
to the stockbroker, bank or other person through whom
the sale or transfer was effected for transmission to the
purchaser or transferee.

15. No Director is employed under a contract of service.

16. You may not use any electronic address provided in this
Notice, or any related documents including the proxy
form, to communicate with the Company for any
purposes other than those expressly stated.

17. A copy of this Notice, and other information required by
section 311A of the Companies Act 2006, can be found
at www.pantherplc.com

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A statement of all transactions of each Director and his
family interests in the share capital of the Company will
be available for inspection at the Company’s registered
office during normal business hours from the date of
this notice up to the close of the Annual General
Meeting and will be available for inspection at the place
of the Annual General Meeting for at least 15 minutes
prior to and during the meeting.

10. Pursuant to regulation 41 of the Uncertificated
Securities Regulations 2001, the Company gives notice
that only those shareholders included in the register of
members of the Company at the close of business on
15 June 2022 or, if the meeting is adjourned, in the
register of members at close of business. on the day
which is two days before the day of any adjourned
meeting, will be entitled to attend and to vote at the
Annual General Meeting in respect of the number of
shares registered in their names at that time. Changes
to entries on the share register at close of business on
15 June 2022, or, if the meeting is adjourned, in the
register of members at close of business. on the
day which is two days before the day of any
adjourned meeting, will be disregarded in determining
the rights of any person to attend or vote at the Annual
General Meeting.

11. As at 9.00 a.m. on 22 April 2022, the Company’s issued
share capital comprised 17,683,469 ordinary shares of
25 pence each. Each ordinary share carries the right to
one vote at a general meeting of the Company and,
therefore, the total number of voting rights in the
Company as at 9.00 a.m. on 22 April 2022 is 17,683,469.

12. Under section 527 of the Companies Act 2006,
members meeting the threshold requirements set out
in that section have the right to require the Company to
publish on a website a statement setting out any matter
relating to: (i) the audit of the Company’s accounts
(including the auditor’s report and the conduct of the
audit) that are to be laid before the Annual General
Meeting; or (ii) any circumstance connected with an
auditor of the Company ceasing to hold office since the
previous meeting at which annual accounts and reports
were laid in accordance with section 437 of the
Companies Act 2006. The Company may not require
the shareholders requesting any such website
publication to pay its expenses in complying with
sections 527 or 528 of the Companies Act 2006. Where
the Company is required to place a statement on a
website under section 527 of the Companies Act 2006,
it must forward the statement to the Company’s auditor
not later than the time when it makes the statement

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Notice of Annual General Meeting continued

Explanatory Notes to the Notice of Annual
General Meeting
The following notes provide an explanation as to why
certain resolutions set out in the notice of the Annual
General Meeting of the Company are to be put
to shareholders.

All resolutions save for Resolution 8 are ordinary
resolutions and will be passed if more than 50% of the
votes cast for or against are in favour. Resolution 8 is a
special resolution and requires 75% of the votes cast.

Resolution 1 – Laying of accounts and adoption
of reports

The directors are required by the Companies Act 2006 to
present to the shareholders of the Company at a general
meeting the reports of the directors and auditors, and the
audited accounts of the Company, for the year ended
31 December 2021. The report of the directors and the
audited accounts have been approved by the directors,
and the report of the auditors has been approved by the
auditors. A copy of each of these documents may be
found in the document entitled “Annual Report and
Financial Statements 2021”.

Resolutions 3 and 4 – Re-election of directors

In accordance with the Articles of Association of the
Company Simon Peters will stand for re-election as a
director of the Company. Biographical information for the
directors and details of why the Board believes that they
should be re-elected is shown in the Corporate
Governance Report.

Resolution 5 – Auditors’ appointment and remuneration

The Companies Act 2006 requires that auditors be
appointed at each general meeting at which accounts are
laid, to hold office until the next such meeting. The
the
shareholder
resolution seeks
appointment of Crowe LLP and the giving to the Directors
the authority to determine the remuneration of the
auditors for the audit work to be carried out by them in the
next financial year. The amount of the remuneration paid
to the auditors for the next financial year will be disclosed
in the next audited accounts of the Company.

approval

for

Resolution 6 – Authority to the directors to allot shares

The Companies Act 2006 provides that the directors may
only allot shares if authorised by shareholders to do so.
Resolution 6 will, if passed, authorise the directors to allot
shares and to grant rights to subscribe for, or convert
securities into, shares up to a maximum nominal amount
of £2,400,000, which represents an amount which is
approximately equal to 55% of the issued ordinary share
capital of the Company as at 22 April 2022 the latest
practicable date prior to the publication of the notice.

Resolution 7 – Dis-application of statutory pre-
emption rights

The Companies Act 2006 requires that, if the Company
issues new shares for cash or sells any treasury shares, it
must first offer them to existing shareholders in
proportion to their current holdings. It is proposed that the
directors be authorised to issue shares for cash and/or sell
shares from treasury up to an aggregate nominal amount
of £241,000 (representing approximately 5% of the
Company’s issued ordinary share capital as at 22 April
2022, the latest practicable date prior to the publication
of the notice) without offering them to shareholders first
in order to raise a limited amount of capital easily and
quickly if needed. The resolution also modifies statutory
pre-emption rights to deal with legal, regulatory or
practical problems that may arise on a rights or other pre-
emptive offer or issue. If resolution 7 is passed, this
authority will expire at the same time as the authority to
allot shares given pursuant to resolution 6.

Resolution 8 – Purchase of own shares by the Company

If passed, this resolution will grant the Company authority
for a period of up to the end of the next annual general
meeting to buy its own shares in the market. The
resolution limits the number of shares that may be
purchased to 5% of the Company’s issued share capital
as at 22 April 2022, the latest practicable date prior to the
publication of the notice. The price per ordinary share that
the Company may pay is set at a minimum amount
(excluding expenses) of 25 pence per ordinary share and a
maximum amount (excluding expenses) of 5% over the
average of the previous five business days’ middle market
prices. The directors will only make purchases under this
authority if they believe that to do so would result in
increased earnings per share and would be in the interests
of the shareholders generally.

Panther Securities P.L.C.

Annual Report & Financial Statements 2021

Fifty Year Review

Profit/
Rental
(loss)
Income before tax
£’000s
£’000s

Year

Net

assets Dividend
£’000s per share

Net
assets
per

share Major events

2
1972
2
1973
3
1974
4
1975
6
1976
11
1977
31
1978
75
1979
159
1980
251
1981
309
1982
354
1983
502
1984
559
1985
641
1986
786
1987
1,292
1988
1,329
1989
1,263
1990
1,714
1991
2,722
1992
2,942
1993
3,229
1994
3,637
1995
4,025
1996
4,647
1997
4,735
1998
4,961
1999
5,518
2000
6,020
2001
7,951
2002
9,125
2003
9,194
2004
8,099
2005
7,510
2006
7,526
2007
7,064
2008
7,380
2009
7,717
2010
2011
8,961
2012 10,781
2013 12,502
2014 12,512
2015 12,840
2016 12,965
2017 12,946
2018 13,607
2019 14,226
2020 13,051
2021 13,172

525
21
532
29
533
30
470
(19)
306
(151)
234
(63)
281
(29)
229
21
328
52
909
91
1,423
99
1,753
137
2,832
49
3,135
107
4,090
164
6,750
240
905 11,725
580 12,211
2,261 10,601
556 14,277
(114) 11,942
707 13,877
1,729 18,569
1,114 18,836
2,146 21,746
2,173 24,010
3,236 28,500
2,056 32,875
2,396 32,285
3,531 37,186
2,956 38,240
3,413 50,104
7,632 49,871
26,549 67,632
9,269 73,269
9,089 78,608
(14,331) 65,846
2,953 68,010
6,401 71,222
(2,312) 66,955
(4,633) 61,992
8,155 67,876
4,377 71,472
8,470 76,017
(2,015) 72,279
24,791 91,212
8,700 94,029
(4,963) 84,946
2,573 86,242
15,922 97,783

0.04p
0.04p
0.04p
0.04p
–
–
–
–
–
–
0.19p
0.22p
0.22p
0.22p
0.33p
1.1p
2.2p
2.2p
3.3p
2.5p
1.1p
2.8p
2.7p
3.0p
5.25p
4.0p
6.0p
6.0p
6.5p
9.0p
7.0p
12.5p
8.0p
20.0p
12.0p
12.0p
12.0p
12.0p
15.0p
12.0p
12.0p
12.0p
12.0p
22.0p
12.0p
22.0p
27.0p
12.0p
12.0p
12.0p

Note: bold dividend indicates includes a special dividend

5p Perloffs’ and M Block took control
5p
5p
4p
3p Acquired Willsesden Optical Works Ltd
2p 1st business centre Mount Pleasant
3p
2p
3p Sold all optical interests
8p
13p
16p
26p
29p
38p
63p Acquired Surrey Motors ltd

109p
113p

98p Bid for Multitrust PLC
99p Acquired Saxonbest Ltd
83p Acquried Etonbrook Properties PLC
96p
99p Re-obtained full listing and acquired Multitrust Property Investments ltd

101p
121p Bid for Elys PLC
133p
157p
182p Acquired Northstar Group
190p Malcolm Block retired
219p
226p Acquired Eurocity Properties PLC
295p
293p S Peters joins. Sold Panther House.
398p P Rowson retires/ J Perloff and S Peters join board
431p
465p
390p Global financial banking crisis
403p
422p
397p
367p
395p
409p
428p Sold MRG Systems Ltd
407p BREXIT fears
516p
532p Record disposals – £41m for £11m profit.
480p
488p COVID-19 pandemic
553p COVID-19 pandemic

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Panther Securities P.L.C.

Annual Report & Financial Statements 2021

For your notes

Panther Securities P.L.C.
Unicorn House
Station Close
Potters Bar
Hertfordshire EN6 1TL
www.pantherplc.com