Business
Loan restructuring etc
Loan restructuring etc.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n For immediate release\n\n 13 February, 2006\n\n Panther Securities PLC (\"Panther\" or \"the Company\") \n\n Loan restructuring, overhead reduction and property acquisition \n\nBank loans\n\nPanther reorganised its loan structure in September 2006, entering into new\nswap agreements which commenced in December 2006 as follows:\n\n£50 million of the loan facility was effectively fixed at 5.29 per cent. (plus\nthe bank's margin) until 2011. The Group has now entered into swap agreements,\nat no cost to the Company, over £25 million of the loan facility fixed at 4.90\nper cent. (plus the bank's margin) until 2021 and a further £25 million is now\nfixed at 4.63 per cent. (plus the bank's margin) until 2011, with HSBC having\nthe right at the end of this period to extend the latter swap agreement for a\nfurther 10 years. This reduces annual servicing costs by £260k.\n\nLoan facility\n\nAs a separate issue, Panther has not fully utilised the £75 million loan\nfacility arranged in 2004. The loan facility has a commitment fee of 0.5 per\ncent. per annum on the unutilised balance. The Group has reduced the available\nfacility by £32.5 million to £42.5 million from February 2007, at no penalty\ncost, reducing the annual commitment fee payable by £160k.\n\nOf the remaining £42.5 million facility, £7.5 million remains undrawn and\navailable without providing additional security.\n\nBonus and salary\n\nOver the last three financial years, Andrew Perloff, Executive Chairman of the\nCompany, has been paid a yearly bonus of £350,000 per annum in addition to his\nbasic salary. Mr Perloff has advised the Company that he is waiving all his\nemoluments from the Company for the year ending 31 December 2007.\n\nTotal savings\n\nIt is estimated that the total savings for the Group arising from the above\nmeasures will reduce overheads by £930,000 per annum for the year ending 31\nDecember 2007, compared to those for the year ended 31 December 2006.\n\nPurchases\n\nPanther also announces that it has purchased four freehold factories, occupied\nby subsidiary companies of Elektron PLC, for a cash consideration of £4,600,000\n(including purchasing costs) and has entered into leaseback arrangements at a\ntotal annual rental of £343,500.\n\nThe properties are situated at Tenbury Wells, Worcestershire; Princes\nRisborough, Bucks; and Clac...