Panther Securities PLC Movement in Swap position (6300B)
04 10월 2022 - 3:00PM
UK Regulatory
TIDMPNS
RNS Number : 6300B
Panther Securities PLC
04 October 2022
4 October 2022
Panther Securities PLC
(the "Company")
Movement in Swap position
Panther Securities PLC announces that the Company has seen a
material non-cash movement in its swap position since 31 August
2022. As at 30 June 2022, the unaudited combined swap liability
position was GBP3.9 million and as announced on 2 September 2022
the unaudited combined liability as at 31 August 2022 had fallen to
GBP0.4 million. As at 30 September 2022, the unaudited combined
swap position moved to become an asset of GBP7.4 million.
As previously announced, the Company has two financial
derivatives which comprise the current swap liability. The first is
at a fixed rate of 2.01% on GBP25 million with circa nine years to
run. The second is at a fixed rate of 5.06% (dropping to 3.4% on 1
September 2023 for the remainder of its term) on GBP35 million with
circa 16 years to run.
The combined asset under the financial derivatives, which is a
non-cash asset, has fluctuated significantly since they were first
entered into (mainly due to their long dated nature and large
swings in interest rate expectations) and the Directors believe
that this will continue to be the case until their maturity dates.
However, given the current market expectation for rising rates,
which has changed significantly in a short period, the value of
these instruments is benefiting from this market outlook.
The two swap financial instruments protect the Company from the
cost of rising interest rates on GBP60 million of bank loans (being
the original purpose they were entered into). Accordingly, the
Company will not be affected in any way by any interest rate rises
for at least the next nine years (apart from any potential changes
to the banks margin requirement) on its current drawn facility.
For further information:
Panther Securities plc: Tel: 01707 667 300
Andrew Perloff / Simon Peters
Allenby Capital Limited (Nomad and Joint Broker) Tel: 020 3328
5656
David Worlidge/ Alex Brearley
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END
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October 04, 2022 02:00 ET (06:00 GMT)
Panther Securities (LSE:PNS)
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