Andrew Perloff back on the prowl for Beale’s high street property assets

UK department store retailer, Beale plc (LSE: BAE) confirmed that Andrew Perloff and his associate company Panther Securities (AIM: PNS) now owns 6.1 million shares in the company, representing 29.72% of the issued share capital. Panther Chairman Perloff previously failed to buy-out the retailer in August 2008, through a separate wholly-owned subsidiary Wenhedge Ltd.

Panther Securities bought approximately 4 million ordinary shares in Beale at a price of 40p. Personally Perloff has a beneficial interest in 2 million ordinary Beale shares, representing 9.87% the issued share capital.  Accordingly, Panther and persons deemed to be acting in concert hold 6.1 million shares.

Beale has 11 high-street retail department stores across the UK, located in Bedford, Bournemouth, Horsham, Kendal, Poole, Tonbridge, Winchester, Worthing, Southport, Yeovil and Bolton.

Perloff and his associates have built-up Panther Securities since the 1970’s with a focus on property transactions.  The company’s portfolio now expands across most of the UK.

In addition to its primary property management business, Panther Securities also has two investee businesses.
The wholly owned MRG Systems operates real-time information display systems, while Panther’s other investee Elektron Plc (AIM: EKT) designs and manufactures electrical and electromagnetic components and instrumentation. Panther owns 12% of its share capital and has conducted a sale and leaseback deal for Elektron’s property.

Beale said it was planning to meet with Perloff in the near future.

http://www.proactiveinvestors.co.uk/companies/news/13538/andrew-perloff-back-on-the-prowl-for-beales-high-street-property-assets-13538.html