TIDMPNS
RNS Number : 3696N
Panther Securities PLC
24 September 2019
Panther Securities PLC
Interim Report - Six months ended 30 June 2019
CHAIRMAN'S STATEMENT
I am pleased to be able to report our results for the six months
ended 30 June 2019 which show a profit of GBP885,000 before tax,
which is much reduced when compared to last year's figure of
GBP11,193,000, which benefitted from some very large value sales
and positive revaluations of properties during that period.
The profit figure for the period under review was also reduced
by an increased deficit on our swap liability of GBP1,864,000, as
short-term interest and bond interest rates are currently around an
all-time low.
However, our basic trading is sound with the current period
rental income receivable at GBP7,023,000 compared to GBP7,069,000
for the half year period ended 30 June 2018.
For the most part rental income is holding up and also being
successfully replaced by new acquisitions. We have, to date, only
partially utilised the funds produced by our successful property
sales over the last two years.
There was only one freehold sale included in this period's
accounts, being that of Victoria Street, Wolverhampton for
GBP710,000, a cleared site on which we had obtained planning
permission for a large shop with flats or student accommodation
above, which showed a good profit over book value. This exchanged
in the period and completed after the period end.
Shareholders will recall that last November we purchased a
freehold department store let to Debenhams' in a prime position in
Dumfries. It was a relatively risky purchase at the time because of
Debenhams' well publicised trading situation. They have since
entered into and concluded a successful company voluntary
arrangement (CVA) which allowed them to halve the rent and,
surprisingly, also the business rates payable by the store. We
still receive GBP168,000 p.a. on our GBP1,100,000 cost, which we
consider to be a good return. With the approximately GBP65,000 p.a.
business rates saving they achieved, it is quite possible that this
store will continue to thrive for some time to everyone's
benefit.
At the accounting half-year date, our current borrowings were
approximately GBP58,981,000 compared to GBP74,931,000 the previous
year, and we still had cash balances of about GBP14,510,000
available to invest.
In June 2019 we had a GBP15,000,000 unused facility, which is
available for future property purchases. This is due to us paying
down that amount out of the previous year's substantial and
profitable sales, plus an option of a further GBP10,000,000 of
facility, subject to credit approval.
Post Account Acquisitions
New Century and Jackson House, Gateshead
In July 2019 we completed on the freehold purchase of New
Century and Jackson House in Gateshead for GBP4.65m. This is a
large block of retail, offices and leisure with a net internal area
of 91,663 sq. ft. located in the centre of Gateshead directly
opposite the metro station and approximately a mile from Newcastle
City Centre. The block is anchored by Pure Gym on a long lease,
with J D Wetherspoons, Argos and Peacocks being some of the other
headline tenants. At the date of acquisition, the block was
producing an income of GBP790,000 per annum. There are various
asset management opportunities to improve its income by letting
some vacant space.
De Clare Business Park, Pontygwindy Road, Caerphilly
On 4 September 2019 we completed the freehold acquisition of De
Clare Business Park, Caerphilly, South Wales for GBP2.7m. This
business park is made up of four independent modern office
buildings with the majority of the offices let to the government
and local council. In total there is circa 48,241 sq. ft. of office
space with parking for 163 vehicles. With a current rent roll of
GBP376,000 per annum, this represents a return of 13.9% and adds
non-retail diversification to our portfolio. There is some vacant
space available and we may be able to increase the rents, enhancing
the scheme's value under our own management. During the acquisition
process we were able to agree terms for a letting of one of the
vacant suites, which we hope to complete shortly at a higher rent
per square foot than had previously been expected.
Business Rates
I have decided to repeat what I said in last year's interim
statement as nothing has changed with regard to the Government's
neglect of the high street's problems.
"Problems with the high street premises continue. These are
almost entirely due to government greed and failure to act sensibly
in good time. As well as central government/bureaucratic financial
incompetence which we all expect, I would have thought that the
political implications for the government which shows the dreadful
state of the high street are immense as on every high street other
than within the M25, with its numerous vacant or closing down
stores is a billboard advertising the failure of government
policies. The high street should be the beating heart of most
communities and if its vibrancy improves most of its area residents
'happiness factor' improves."
Dividends
The Directors have declared an interim dividend of 6p per share
to shareholders on the register on 8 November 2019 (ex-dividend on
7 November 2019) which is to be paid on 28 November 2019.
Subsequently, the Board will assess the business' situation, but
expects to pay a total dividend of no less than 12p per share for
the full year.
Andrew S Perloff
Chairman
24 September 2019
CHAIRMAN'S RAMBLINGS
In 1965, when I first started in the property business, it did
not take me long to realise that profits were easier to make if you
could create added value to a property.
There are many ways to do this, but obtaining a planning
permission for a different use or larger structure, with more
useable space was one of the best ways to improve value, thus
making it necessary to enlist the services of architects. This was
a complicated process then, and still is, with a myriad of rules
with which to comply. The architects we called all had different
abilities, some had extensive planning knowledge, but all had their
own agendas and ideas, often producing grandiose designs, when all
we wanted were simple, cost effective ways to create more
value.
Probably around the late 60s an architect was recommended to us
who was very reliable and his pricing structures were commensurate
with our means. We were told "he knows his stuff!". Indeed, he did.
He had encyclopaedic knowledge of all the laws, intricacies, rules
and precedents of planning and procedures.
He was never happier than when he came to see us to show us what
he felt was possible with some of our projects. In his late
fifties, tall, thin, unkempt, of mild manner and was unnoticeable
in a crowd. We dealt with him over the next ten to fifteen years
and we guessed he was single, as he worked very long hours and
never mentioned a wife, children or holidays, but only talked with
enthusiasm for his schemes.
He told us of the hidden benefits of corner properties and the
benefits of owning properties both sides of a road as you then
owned the airspace over the road. Having knowledge of previous
uses, ideally from pre-1964 as the use was then considered
established, even if in non-conforming zones, your automatic right
for a 10% extension of floor space and if you had high ceilings,
even more than 10%, and much more.
We understood he was a leading light in MENSA and had such a
high IQ they had to create a new higher IQ band. His cost was low
and he would wait until we were in funds to be paid so our calls
upon him were frequent, but he often needed a small sub as he was
often more short of money than us.
His main claim to fame (in my eyes) was when one of his big
clients, who owned a six storey warehouse just off Tottenham Court
Road near Oxford Street, asked for his help. The previous occupant,
a large company with a number of branches around the country, had
used the building for its central storage BUT ALSO had used one
floor as its head office. Gerry managed to prove that as its head
office was based in the building, the entire building should be,
and was classified, as head office use. Once classified as such,
the building was refurbished in its entirety as an office building
which then became almost 20 times the value of when it was a
warehouse.
Thus, one day in the early 80s when we were offered a building
in Slough with similar characteristics (but much smaller), we
instantly called in Gerry.
Originally it was the rear part of a larger building, the front
part being a prime trading position shop on Slough's high street.
It had about 30 ft. of frontage and a depth of about 150 ft., built
on two floors over the full length of the site. However, the
original building had been split so that the shop was cut off at
about 60 ft. depth and a 3 ft. side door had been made as an
entrance to the rear warehouse and office space. The ground floor
was very dark and dingy and had few windows. However, the first
floor had many windows and was laid out as small individual offices
and possibly one bigger communal office. This vacant building felt
like the "Mary Celeste", with desk and papers and old wooden filing
cabinets everywhere, it was probably last used in the 50s and
totalled about 5000 sq. ft., but even the most misleading estate
agent would struggle to say it "only needed some re-decoration!"
Other than solid brick exterior walls, it was internally derelict.
However, it was cheap; about GBP30,000 for the vacant freehold.
The one other feature I remember was that the very damp ground
floor had a giant fungus growing through the floorboards at about
5ft high, shaped like an elephant's ear! If we had seen the film or
read "The Day of the
Triffids" we would have run away. However, Malcolm and I hadn't.
We called Gerry and we returned again with him, better prepared
to view with torches, etc. I drove the three of us from central
London, parked just off the high street (you could do that in those
days) and inspected. At this stage you might believe that my story
is about a great property transaction. Well the transaction was,
but the story is about Gerry. He gave us advice and later prepared
plans and we cleared out the property (and the Triffid), making it
look like offices, which we then later sold it for a goodly
profit.
As stated, my story is really about Gerry. When parking we had
noticed an excellent old fashioned fish and chip shop and instantly
decided that after our inspection we would go to lunch and treat
Gerry to a proper sized portion of fish and chips.
Entering the shop, we asked Gerry what he wanted, assuming he
wanted lunch. He was obviously too polite to refuse and said "the
same as you" - I loudly ordered "three large portions of cod and
chips please, salt, vinegar and two pickles, and three cups of
tea!!". They served it wrapped in the previous day's newspaper and
had some rudimentary utensils to use. We all sat at a table and
Malcolm and I tucked in with gusto, but Gerry ate slowly, picking
at the fish and occasional chip and was obviously under great
pressure as to how to deal with this meal, having broken out in a
sweat and seemingly unaware as to how to eat in an unorthodox way.
After picking at the food and eating about one third of it, he,
red-faced and sweating, said he was absolutely full. Well, as you
know, one of my favourite sayings is 'every cloud has a silver
lining'. So, we tucked in to what he had left and polished that off
in about three minutes flat. We finished our tea and left for the
drive back to the office. Gerry went back to his office to cogitate
on the property and Malcolm and I had an afternoon nap.
I did not think too much about this matter for some time, but
gradually over the years I have thought about Gerry and remember he
lived in a commercial squat (of an old large redundant G.L.C.
building), which doubled as an office with a number of other
business/residential squatters. He seemed to have no family life,
took no holidays, did not drive, lived frugally with little or no
luxuries and was really not interested in any matters other than
architectural planning and rules, and possible building
alterations, had a limited social life, and was probably incapable
of understanding all the myriad of what happens in family life and
the outside world. So clever, but so out of touch with everyday
life.
He was an extreme example of a magnificent brain, but out of
touch with the majority of people's life experiences.
I have come across a few people like this over the years and it
is my belief that this is one of the problems of our government and
bureaucracy. Brilliantly clever people are making rules that,
although probably conceptually superb, are out of touch with the
realities and intricacies of most people's everyday lives and
problems and, as a consequence, their rules often make life worse
and more difficult for the majority.
What we need is some non-brilliant, ordinary clever people (i.e.
those with a big dose of common sense!) with more real life
experience of life's problems who can produce understandable rules
for society to try and live by after all as long ago as the
mid-18th century, the French philosopher, Voltaire, stated "common
sense is not so common".
We have seen for the last two to three years how shambolic and
neglectful all of our politicians have become when having to deal
with a very simple decision made democratically by the majority of
actual voters of our population.
Andrew S Perloff
Chairman
24 September 2019
Panther Securities P.L.C.
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2019
Notes Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Revenue 2 7,023 7,069 13,607
Cost of sales 2 (1,240) (2,072) (3,947)
----------- ----------- ------------
Gross profit 5,783 4,997 9,660
Other income 66 263 457
Administrative expenses (750) (790) (1,819)
Bad debt expense (538) (736) (796)
----------- ----------- ------------
4,561 3,734 7,502
Profit on disposal of investment properties 560 6,487 11,750
Movement in fair value of investment properties 6 - 2,300 (6,396)
----------- ----------- ------------
4,121 12,521 12,856
Finance costs - bank loan interest (1,198) (1,304) (2,526)
Finance costs - swap interest (1,197) (1,284) (2,533)
Investment income 23 1 24
Loss on disposal of fixed assets - - (41)
Profit realised on the disposal of investments - - 34
Movement in derivative financial liabilities 7 (1,864) 1,259 886
----------- ----------- ------------
Profit before income tax 885 11,193 8,700
Income tax expense 3 (201) (1,830) (1,653)
----------- ----------- ------------
Profit for the period 684 9,363 7,047
=========== =========== ============
Earnings per share
Basic and diluted - continuing operations 5 3.9p 52.9p 39.9p
----------- ----------- ------------
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2019
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Profit for the period 684 9,363 7,047
----------- ----------- ------------
Items that will not be reclassified subsequently to profit or loss
Movement in fair value of investments taken to equity (135) - (197)
Deferred tax relating to movement in fair value of investments taken to
equity 23 - 34
Other comprehensive loss for the period, net of tax (112) - (163)
Total comprehensive income for the period 572 9,363 6,884
----------- ----------- ------------
Attributable to:
Equity holders of the parent 572 9,363 6,884
572 9,363 6,884
----------- ----------- ------------
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Company number 293147
As at 30 June 2019
Notes 30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
ASSETS Unaudited Unaudited Audited
Non-current assets
Plant and equipment - 43 -
Investment properties 6 170,371 189,235 170,236
Deferred tax asset 2,151 - 1,811
Investments 1,715 17 1,850
---------- ---------- ------------
174,237 189,295 173,897
Current assets
Stock properties 448 448 448
Trade and other receivables 5,821 21,817 4,896
Cash and cash equivalents (restricted) 7,722 1,494 14,436
Cash and cash equivalents 6,788 7,656 5,614
---------- ---------- ------------
20,779 31,415 25,394
Total assets 195,016 220,710 199,291
---------- ---------- ------------
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Capital and reserves
Share capital 4,437 4,437 4,437
Share premium account 5,491 5,491 5,491
Treasury shares (213) (213) (213)
Capital redemption reserve 604 604 604
Retained earnings 80,568 87,250 83,710
Total equity 90,887 97,569 94,029
---------- ---------- ------------
Non-current liabilities
Long-term borrowings 7 57,946 73,772 58,864
Derivative financial liability 7 27,378 25,141 25,514
Deferred tax liabilities - 863 -
Obligations under finance leases 7,512 7,512 7,510
---------- ---------- ------------
92,836 107,288 91,888
Current liabilities
Trade and other payables 9,071 11,905 10,192
Accrued dividend payable 4 1,061 1,238 -
Short-term borrowings 7 1,035 1,159 1,071
Current tax payable 126 1,551 2,111
---------- ---------- ------------
11,293 15,853 13,374
Total liabilities 104,129 123,141 105,262
---------- ---------- ------------
Total equity and liabilities 195,016 220,710 199,291
---------- ---------- ------------
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2019
Share Share Treasury Capital redemption Retained
capital premium shares reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2018 (audited) 4,437 5,491 (213) 604 80,893 91,212
Total comprehensive
income for the
period - - - - 9,363 9,363
Dividends paid - - - - (1,768) (1,768)
Dividends due - - - - (1,238) (1,238)
--------- --------- ----------- ------------------- ---------- --------
Balance at 30
June 2018 (unaudited) 4,437 5,491 (213) 604 87,250 97,569
--------- --------- ----------- ------------------- ---------- --------
Balance at 1 January
2018 (audited) 4,437 5,491 (213) 604 80,893 91,212
Total comprehensive
income for the
period - - - - 6,884 6,884
Dividends paid - - - - (4,067) (4,067)
--------- --------- ----------- ------------------- ---------- --------
Balance at 1 January
2019 (audited) 4,437 5,491 (213) 604 83,710 94,029
Total comprehensive
income for the
period - - - - 572 572
Dividends paid - - - - (2,653) (2,653)
Dividends due - - - - (1,061) (1,061)
Balance at 30
June 2019 (unaudited) 4,437 5,491 (213) 604 80,568 90,887
========= ========= =========== =================== ========== ========
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2019
Notes 30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash flows from operating activities
Profit from operating activities 4,561 3,734 7,502
Add: Depreciation charges for the period - 10 13
Less: Rent paid treated as interest (285) (286) (571)
Profit before working capital change 4,276 3,458 6,944
Increase in receivables (301) (903) (1,219)
(Decrease)/ increase in payables (1,118) 708 (319)
---------- ---------- ------------
Cash generated from operations 2,857 3,263 5,406
Interest paid (2,028) (2,065) (4,375)
Income tax paid (2,503) (840) (2.743)
---------- ---------- ------------
Net cash (used in)/ generated from operating activities (1,674) 358 (1,712)
Cash flows from investing activities
Purchase of investment properties (285) (145) (3,894)
Purchase of investments* - - (2,271)
Proceeds from sale of investment property 85 4,343 40,790
Proceeds from sale of investments - - 275
Dividend income received - - 5
Interest income received 23 1 19
---------- ---------- ------------
Net cash (used in)/ generated from investing activities from continuing
operations (177) 4,199 34,924
Cash flows from financing activities
New loans received - 500 500
Repayments of loans (1,036) (80) (15,161)
Loan arrangement fees and associated costs - - (375)
Dividends paid (2,653) (1,768) (4,067)
Net cash used in financing activities (3,689) (1,348) (19,103)
Net (decrease)/ increase in cash and cash equivalents (5,540) 3,209 14,109
Cash and cash equivalents at the beginning of period 20,050 5,941 5,941
Cash and cash equivalents at the end of period** 14,510 9,150 20,050
---------- ---------- ------------
* Shares in listed and/or unlisted companies.
** Of this balance GBP7,722,000 (30 June 2018: GBP1,494,000, 31
December 2018: GBP14,436,000) is restricted by the Group's lenders
i.e. it can only be used for the purchase of investment property
(or otherwise by agreement).
Panther Securities P.L.C.
NOTES TO THE INTERIM FINANCIAL REPORT
for the six months ended 30 June 2019
1. Basis of preparation of interim financial statements
The results for the year ended 31 December 2018 have been
audited whilst the results for the six months ended 30 June 2018
and 30 June 2019 are unaudited.
The financial information set out in this interim financial
report does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. The Group's statutory accounts for
the year ended 31 December 2018 which were prepared under
International Financial Reporting Standards ("IFRS") as adopted for
use in the European Union, were filed with the Registrar of
Companies. The auditors reported on these accounts, their report
was unqualified and did not include reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report and did not contain any statements under
Section 498 (2) or Section 498 (3) of the Companies Act 2006.
These condensed consolidated interim financial statements are
for the six month period ended 30 June 2019. They have been
prepared using accounting policies consistent with IFRS as adopted
for use in the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
("IASB") and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European
Commission. The financial information has been prepared on the
basis of IFRS that the Board of Directors expect to be applicable
as at 31 December 2019.
IFRS 16 affecting leases have been applied by the Group for the
first time in preparing this interim financial report which is
adopted from 1 January 2019. Under the transition methods chosen,
comparative information is not restated. The Directors consider
that the application of these standards has not had a material
impact on the recognition and measurement of items in the interim
financial report.
A number of other new and amended standards and interpretations
are effective from 1 January 2019 but they do not have a material
effect on the Group's financial statements.
2. Revenue and cost of sales
The Group's only operating segment is investment and dealing in
property and securities. All revenue, cost of sales and profit or
loss before taxation is generated in the United Kingdom. The Group
is not reliant on any key customers.
3. Income tax expense
The charge for taxation comprises the following:
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Current period UK corporation
tax 518 2,150 4,684
Prior period UK corporation
tax - - (71)
---------- ---------- ------------
518 2,150 4,613
Current period deferred
tax (317) (320) (2,960)
---------- ---------- ------------
Income tax expense for
the period 201 1,830 1,653
========== ========== ============
The taxation charge is calculated by applying the Directors'
best estimate of the annual effective tax rate to the profit for
the period.
4. Dividends
Amounts recognised as distributions to equity holders in the
period:
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Interim dividend for the
year ended 31 December
2018 of 6p per share - - 1,061
Special dividend for the
year ended 31 December
2018 of 15p (2017 -10p)
per share 2,653 1,768 1,768
Final dividend for the
year ended 31 December
2018 of 6p (2017 - 7p)
per share *1,061 *1,238 1,238
3,714 3,006 4,067
========== ========== ============
The final dividend of 6p per share for the year ended 31
December 2018 was not paid at the period end but declared and
approved (being accrued in these accounts) and was paid on 5
September 2019.
*Accrued at half year and paid after period end.
5. Earnings per ordinary share (basic and diluted)
The calculation of basic and diluted earnings per ordinary share
is based on earnings being a profit of GBP684,000 (30 June 2018 -
profit of GBP9,363,000 and 31 December 2018 - profit of
GBP7,047,000).
The basic earnings per share is based on the weighted average of
the ordinary shares in existence throughout the period, being
17,683,469 to 30 June 2019 (17,683,469 to 31 December 2018 and
17,683,469 to 30 June 2018). There are no potential shares in
existence for any period therefore diluted and basic earnings per
share are equal.
In the year ended 31 December 2017 Panther Securities PLC bought
63,460 ordinary shares that it currently holds in treasury.
6. Investment properties
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Fair value of investment
properties
At 1 January 170,236 201,825 201,825
Additions 285 145 3,894
Fair value adjustment
on property
held on operating leases - - (47)
Disposals (150) (15,035) (29,040)
Revaluation increase/
(decrease) - 2,300 (6,396)
At 31 December 170,371 189,235 170,236
========== ========== ============
The directors consider that the fair value of the investment
properties has not materially changed from the 31 December 2018
Statement of Financial Position date.
7. Derivative financial instruments
The main risks arising from the Group's financial instruments
are those related to interest rate movements. Whilst there are no
formal procedures for managing exposure to interest rate
fluctuations, the Board continually reviews the situation and makes
decisions accordingly. Hence, the Company will, as far as possible,
enter into fixed interest rate swap arrangements. The purpose of
such transactions is to manage the interest rate risks arising from
the Group's operations and its sources of finance.
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Bank loans Unaudited Rate Unaudited Rate Audited Rate
Interest is charged as to:
Fixed/ Hedged
HSBC Bank plc* 35,000 7.01% 35,000 7.01% 35,000 7.01%
HSBC Bank plc** 25,000 6.58% 25,000 6.58% 25,000 6.58%
Unamortised loan arrangement fees (241) (407) (322)
Floating element
HSBC Bank plc*** (1,000) 15,000 -
Shawbrook Bank plc 222 338 257
---------- ---------- ----------
58,981 74,931 59,935
========== ========== ==========
* Fixed rate came into effect on 1 September 2008. The rate
includes 1.95% margin. The contract includes mutual breaks, the
next one being on 23 December 2019 (and every 5 years
thereafter).
** This arrangement came into effect on 1 December 2011 when
HSBC exercised an option to enter the Group into this interest swap
arrangement. The rate includes a 1.95% margin. This contract
includes a mutual break on the fifth anniversary and its duration
is until 1 December 2021.
***The floating element was negative at the period-end as
Panther Securities PLC have fixed for GBP60,000,000 but had only
drawn down GBP59,000,000. A further GBP1,000,000 was drawn down
shortly after the year-end.
Bank loans totalling GBP60,000,000 (2018 - GBP60,000,000) are
fixed using interest rate swaps removing the Group's exposure to
interest rate risk - as such we were over fixed at the period end
but this changed after the period end when a further GBP1m was
drawn. Other borrowings are arranged at floating rates, thus
exposing the Group to cash flow interest rate risk.
The derivative financial assets and liabilities are designated
as held for trading.
Hedged Rate Duration 30 June 30 June 31 December
amount (without of contract 2019 2018 2018
margin) remaining Fair value Fair value Fair value
GBP'000 years GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Derivative financial
liability
Interest rate
swap 35,000 5.060% 19.19 (22,766) (20,997) (21,482)
Interest rate
swap 25,000 4.630% 2.42 (2,218) (2,970) (2,517)
Interest rate
swap* 25,000 2.131% 12.42 (2,394) (1,174) (1,515)
------------
(27,378) (25,141) (25,514)
------------ ------------ ------------
Movement in derivative financial liabilities (1,864) 1,259 886
============ ============ ============
*This swap commences on 1 December 2021 when the GBP25,000,000
4.63% swap ceases, as it is at a lower rate it will result in an
annual interest saving of circa GBP625,000 per annum compared to
the current structure.
Interest rate derivatives are shown at fair value in the
Statement of Financial Position, with charges in fair value taken
to the Income Statement. Interest rate swaps are classified as
level 2 in the fair value hierarchy specified in IFRS 13.
The vast majority of the derivative financial liabilities are
due in over one year and therefore they have been disclosed as all
due in over one year.
The above fair values are based on quotations from the Group's
banks and Directors' valuation.
Treasury management
The long-term funding of the Group is maintained by three main
methods, all with their own benefits. The Group has equity finance,
has surplus profits and cash flow which can be utilised and also
has loan facilities with financial institutions. The various
available sources provide the Group with more flexibility in
matching the suitable type of financing to the business activity
and ensure long-term capital requirements are satisfied.
8. Net asset value per share
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Basic and diluted 514p 552p 532p
========== ========== ============
9. Copies of this report are to be sent to all shareholders and
are available from the Company's registered office at Unicorn
House, Station Close, Potters Bar, EN6 1TL and will also be
available for download from our website www.pantherplc.com.
Panther Securities PLC +44 (0) 1707 667 300
Andrew Perloff, Chairman
Simon Peters, Finance Director
Allenby Capital Limited +44 (0) 20 3328 5656
David Worlidge
Alex Brearley
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFVDAEIVFIA
(END) Dow Jones Newswires
September 24, 2019 02:00 ET (06:00 GMT)
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