Business
Sale of a derivative financial instrument and a...
Sale of a derivative financial instrument and a....
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n 4 July 2008\n\n Panther Securities PLC \n\n (\"Panther\" or \"the Company\") \n\n Sale of a derivative financial instrument and an investment property \n\nThe Company announces that on 3 July 2008 it cancelled one of its derivative\nfinancial instruments with HSBC Bank plc (\"HSBC\"). This was an interest rate\nswap which fixed £25,000,000 of its loans at a rate of 4.90 per cent.\n(excluding margin) until 1 March 2021. The Company received a premium of £\n1,240,000 from HSBC in consideration for the cancellation.\n\nThis cancellation is in addition to the interest rate swap cancellation\nannounced on 16 June 2008, which resulted in a premium of £1,120,000 being paid\nto the Company.\n\nAt the year end, these interest rate swaps were valued at £572,000, as reported\nin note 30 to the consolidated financial accounts for the year ended 31\nDecember 2007 copies of which are available for download on the Company's\nwebsite.\n\nIn addition, the Company also announces that it has entered into a 30 year\ninterest rate swap, fixing £35,000,000 at 5.06 per cent. (excluding margin)\nuntil 1 September 2038. No premium was required for this transaction. The\nCompany has entered into this arrangement as a hedge for the current borrowings\nof £35,000,000 drawn down against its existing £42,500,000 facility.\n\nFurthermore, the Company also announced on 16 June 2007 that it had sold at\nauction its property at 245-249 Whitechapel Road, London E1, which had\nexchanged at £2,655,000 showing a book profit (before tax) of approximately £\n1,350,000. The Company is pleased to announce that this sale has now completed.\n\nThe Company's cash balances at 4 July 2008 stood at approximately £10,600,000.\nPanther also has undrawn loan facilities available of approximately £7,500,000\n(without providing additional security) and these funds are available for\nfuture trading and investing purposes.\n\nThe directors believe that the current financial environment will lead to an\nincreasing number of interesting opportunities in which these facilities could\nbe utilised.\n\nFor further information:\n\nPanther Securities plc 020 7278 8011\n \nAndrew Perloff (executive chairman) \n \nSimon Peters (finance director) \n \n\n\n \n ","length":2793,"tagName":"div"}]