The present invention relates to a lockable latch for securing together a first panel to a second panel or keeper on a second panel or frame. The latch has a housing, a lockplug configured for a key,a lock collar and a return spring. When a user turns a key to rotate the lockplug and thereby lock the lockplug, the lock collar rotates through 90 degrees and a portion thereof occupies the space orgap between an edge of the first panel and a portion of the latch housing configured and dimensioned to receive the edge of the first panel or frame. As a result, space between an edge of the housingand the first panel is taken up by a portion of the locking collar due to rotation of the locking collar in the housing.