Interim Results & Chairman's Statement

PANTHER SECURITIES PLC
29 October 1999

                             CHAIRMAN'S STATEMENT

Introduction

I  have  pleasure in presenting the interim figures for the six months  to  30
June  1999.   In  this  period  pre-tax  profit  was  £1,630,000  compared  to
£2,337,000  for  the same period last year, however those figures  included  a
significantly  higher  proportion of profit on one-off  transactions.   Profit
attributable to members in the current half has been enhanced by 30% to almost
£1.3 million due to a much lower tax charge.

Rents  received  during  the  period fell  by  £55,000  to  £2,128,000.   This
reduction  was  wholly  due  to the surrender of the  leases  on  the  Glasgow
property,  to  which  I  refer below.  However, rent  receipts  will  increase
substantially by the year end following the Northstar acquisition.

Main Events

In  January we received a reverse premium in excess of £800,000 in respect  of
the  surrender  of various leases on our office building at Elmbank  Chambers,
Glasgow.  This gives us the opportunity of renovation prior to re-letting.

Towards  the end of June we completed the acquisition of Northstar  Properties
Limited,  Northstar  Investment  Limited and  Northstar  Land  Limited.   This
acquisition is reflected in the interim Balance Sheet, but it has no effect on
the  profit  for the half year.  The Northstar Group portfolio of  properties,
which  were  valued for the transaction at £8,000,000, produces a  net  rental
income of £960,000 per annum.  Because it was an acquisition of the companies,
we  assumed  existing bank loans of £5,560,000 and our actual cash outlay  was
approximately £2,260,000.

Set out below is a brief summary of the Northstar portfolio.

     The Triangle Shopping Centre, Brackla, Bridgend, South Wales
     32,000  square feet, single storey, out of town shopping centre producing
     £306,000 per annum anchored by the Co-operative Society.
     
     The Market Place, Mildenhall, Suffolk
     A  town centre shopping precinct of approximately 32,000 square feet held
     from  the Local Council on a 125 year lease from 1973 at a geared  ground
     rent.   The  net  rent  receivable is approximately  £163,000  per  annum
     anchored by Somerfield and other multiple tenants.
     
     Langdale Court, Market Square, Witney, Oxfordshire
     A  shop/office development of approximately 14,000 sq ft held  on  a  125
     year  lease  at a fixed peppercorn from 1985 and producing  £193,000  per
     annum exclusive.
     
     Wembley Factory Estate
     This  factory  estate is in Wembley, Greater London, the  major  part  of
     which is freehold and comprises 55,000 square feet producing £176,000 per
     annum.   The  remaining  17,000 square feet produces  £65,000  per  annum
     (after ground rent) and is held on a 125 year, geared ground lease.
     
     Maidenhead, Berkshire
     This  single  storey industrial/office building in Maidenhead  comprising
     approximately  15,000 square feet which is let to a major  company  at  a
     current  rent  of £58,400 per annum exclusive with a rent review  due  in
     March 2000.
     
     Additionally, a 26 acre freehold site in Sussex and a 12.5 acre  freehold
     former  sports  ground  in Birmingham, close to the  National  Exhibition
     Centre  are included in our purchase, although no significant  value  has
     been attributed to these two sites.
     
We believe this high yielding portfolio will serve us well over future years.

Panther House Redevelopment

We  are revising our proposals for the redevelopment as, without reference  to
ourselves, the Council has created a conservation area incorporating  most  of
Mount  Pleasant, parts of Grays Inn Road and the Hatton Garden area.   Panther
House,  Mount Pleasant has been classified as a building of special  interest,
which means we are unable to demolish (except in exceptional circumstances).

We already have planning permission for a complete and extensive refurbishment
of  Panther House with a two floor extension and this permission is valid  and
remains  unaffected  by  the  conservation area limitations.   The  permission
provides  for  a building with a gross floor area of 64,000 sq ft  and  a  net
floor area of 43,500 sq ft of pure offices and, as the Grays Inn Road frontage
contains  no  buildings of special interest, a new building is  being  planned
which could link to Panther House when refurbished.

Whilst  this conservation area status will delay matters, every cloud has  its
silver  lining.  Because the Local Authority has instructed outside agents  to
advise  them on a number of buildings in their ownership (which either  adjoin
or  are  close  to  our  site) with a view to considering  their  options  for
improvement of the area, they may find they will have surplus properties which
could  increase  the  size of our potential development  site.   However,  the
properties on the site are practically fully let, producing a good income, and
are  carried in our books at investment value only without taking  account  of
potential development value.


Bristol Redevelopment

In  my last statement to shareholders I mentioned that we were preparing a new
scheme  for  a single superstore rather than redevelopment of half  our  site.
The  planning process for this development is now progressing well and we  are
also  expanding the size of the scheme to approximately 75,000 sq  ft  of  new
space  to  include  adjoining vacant Council-owned land.  To  date  the  Local
Authority,  planners  and  local  community are  showing  enthusiasm  for  our
proposals which is extremely encouraging.


Additional Property News

In  August  1999  we sold 9/11 St James Street, Nottingham  for  a  figure  of
£1,075,000.   This  property  was  vacant  for  some  considerable  time   and
shareholders  may  recall that previously we had a conditional  sale  of  this
property which fell through. Although negotiations were protracted, the  final
outcome is extremely satisfactory with the property being sold at a figure 23%
in excess of the March 1999 valuation.  We further sold a property at 348 City
Road,  London  for  £375,000,  which  represents  25%  above  its  March  1999
valuation.   Both  these sales were after 30 June 1999  and  profits  will  be
reflected in our full year figures.

We  have recently let 11,800 sq ft of offices at Neil House, Whitechapel Road,
London at a rent of £10 per sq ft, being twice the rental value of the offices
when  we  purchased the property at the end of 1994.  Whilst an extra £118,000
per  annum  rent  is welcome, further benefits will accrue in  the  saving  of
approximately £50,000 per annum in vacant rates and service charges previously
borne by the Company.


Dividends

An  interim dividend of 2.5p per share (compared to 2p last year) will be paid
on  3  December  1999 and it is your Board's intention to  recommend  a  final
dividend of 3.5p per share for the year ending 31 December 1999.

Warrants

Our warrants, which entitle a holder to subscribe for one new Panther ordinary
share  per  warrant at a price of 140p per share, are due to  expire  31  days
after  posting the Accounts for 31 December 1999 and your Board are  proposing
to  submit  a  resolution to shareholders and warrant  holders  (at  the  next
shareholders meeting) to extend the 'life' of the warrants by a  period  of  3
years.

Prospects

The  property  market is still buoyant with a high level of  activity  in  the
letting  and  investment market.  The Company currently maintains  substantial
cash  balances  and  a comparatively low gearing.  We are  constantly  seeking
interesting  and profitable acquisitions and continue to look forward  to  the
future with confidence.

Andrew S. Perloff
Chairman                                                    29 October 1999
                                       
                           

                           Panther Securities P.L.C.
                                       
                    UNAUDITED INTERIM CONSOLIDATED RESULTS
                    for the six months ended 30th June 1999

                                               
                                 Six months to  Six months to     Year ended
                                     30th June      30th June  31st December
                                          1999           1998           1998
                             Notes  (Unaudited)    (Unaudited)      (Audited)
                                          £000           £000           £000
                                                                        
Turnover                                 2,950          3,104          5,510
Cost of sales                             (463)          (895)        (1,351)
                                       -------        -------        -------  
Gross profit                             2,487          2,209          4,159
Administrative expenses                   (342)          (396)          (763)
                                       -------        -------        -------  
Operating profit                         2,145          1,813          3,396
Profit on sale of investment                 
 property                                    -          1,079          1,079
Income from participating            
 interests                                 129            132             80
Interest receivable                        155            187            420
Interest payable                          (799)          (874)        (1,739)
                                       -------        -------        -------
                                                                        
Profit on ordinary activities
 before taxation                         1,630          2,337          3,236
Taxation                                  (329)        (1,344)        (1,514)
                                       -------        -------        -------  
Profit on ordinary activities         
 after taxation                          1,301            993          1,722
Minority interests                          (4)             -            (12)
                                       -------        -------        -------  
                               
Profit attributable to members
 of the parent undertaking               1,297            993          1,710
Dividends                        3        (452)          (362)        (1,086)

                                       -------        -------        -------
Retained profit for the year               845            631            624
Realisation of property       
 revaluation gains                           -          2,715          2,716
Retained profit brought forward          8,515          5,175          5,175
                                       -------        -------        -------  
                              
Retained profit carried forward          9,360          8,521          8,515
                                       -------        -------        -------  
                              
Earnings per share 
             - basic             4         7.2p           5.5p           9.5p
             - fully diluted               6.7p           5.1p           8.9p
                                       

Notes:

1.   Results
     The  six months results have been prepared on the historical cost  basis,
     modified  to  include the revaluation of fixed asset land and  buildings,
     although  no further revaluation has been undertaken on any part  of  the
     property  portfolio since results were last reported.  They are unaudited
     and  do  not constitute statutory accounts within the meaning of  section
     240 of the Companies Act 1985.

2.   Accounts
     The  figures for the year to 31st December 1998 have been extracted  from
     the  statutory  accounts  which have been  reported  on  by  the  Group's
     auditors  and  have  been delivered to the Registrar of  Companies.   The
     auditor's report was unqualified and did not contain any statement  under
     section 237(2), (3) or (4) of the Companies Act 1985.

3.   Dividends
     An  interim  dividend  of 2.5p per ordinary share will  be  paid  on  3rd
     December 1999 to shareholders on the Register on 12th November 1999.

4.   Earnings per share
     Earnings  per  ordinary share have been calculated on profit attributable
     to  members  of  the  holding  company and on  18,094,164  (June  1998  -
     18,092,886) ordinary shares being the weighted average number of ordinary
     shares in issue throughout the six months ended 30th June 1999.

5.   Copies  of  this  report  are  to be sent to  all  shareholders  and  are
     available from the Company's registered office at Panther House, 38 Mount
     Pleasant, London WC1X 0AP.



                           Panther Securities P.L.C.
                                       
                     UNAUDITED CONSOLIDATED BALANCE SHEET
                             as at 30th June 1999
                                       

                                     30th June      30th June  31st December
                                          1999           1998           1998
                                    (Unaudited)    (Unaudited)      (Audited)
                                          £000           £000           £000
                                                                        
Fixed assets                                                            
Intangibles                               (125)             -              -
Tangibles                               48,203         35,436         40,198
Investments                              1,399          1,349          1,269
                                       -------        -------        -------
                                        49,477         36,785         41,467
                                                                        
Current assets                                                          
Stock                                    4,833          4,959          4,816
Debtors                                  1,713          1,154          1,078
Cash at bank and in hand                 3,363          5,231          4,183
                                       -------        -------        -------
                                         9,909         11,344         10,077
                                                                        
Current liabilities                                                     
Creditors:                                                              
Amounts falling due within
 one year                               (5,753)        (4,113)        (4,000)
                                       -------        -------        -------
Net current assets                       4,156          7,231          6,077
                                       -------        -------        -------
Total assets less current 
 liabilities                            53,633         44,016         47,544

Creditors:                                                              
Amounts  falling due after
 more than one year                    (24,153)       (19,235)       (18,913)
                                       -------        -------        -------
                                        29,480         24,781         28,631
Minority interests                        (135)          (140)          (131)
                                       -------        -------        -------
Net assets                              29,345         24,641         28,500
                                       -------        -------        -------  
                              
Capital and reserves                                                    
Share capital                            4,524          4,523          4,524
Revaluation reserve                     11,297          7,442         11,297
Profit and loss account                  9,360          8,521          8,515
Share premium account                    2,856          2,856          2,856
Negative goodwill reserve                1,037          1,028          1,037
Capital redemption reserve                 271            271            271
                                       -------        -------        -------
Shareholders' funds                     29,345         24,641         28,500
                                       -------        -------        -------
                                                                        
Net assets per share                     162.2p         136.2p         157.5p