REG - Panther Securities - Half Yearly Report <Origin Href="QuoteRef">PNS.L</Origin> - Part 2

Panther SecuritiesAnnouncement

15/09/2015 07:01

- Part 2: For the preceding part double click  ID:nRSO0257Za 

   
 
 
Bank loans totalling £60,000,000 (2014 - £60,000,000) are fixed using interest
rate swaps removing the Group's exposure to interest rate risk. 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 amount  Average rate  Duration of contract remaining  30 June 2015Fair value  30 June 2014Fair value  31 December 2014Fair value  
                                               £'000                        years                           £'000                   £'000                   £'000                       
                                                                                                            Unaudited               Unaudited               Audited                     
 Derivative Financial Liability                                                                                                                                                         
 Interest rate swap                            35,000         5.06%         23.19                           (17,400)                (11,443)                (19,282)                    
 Interest rate swap                            25,000         4.63%         6.42                            (4,328)                 (3,925)                 (5,193)                     
                                                                                                            (21,728)                (15,368)                (24,475)                    
 Movement in derivative financial liabilities  2,747          (706)         (9,813)                         
                                                                                                                                                                                            
 
 
* Fixed rate came into effect on 1 September 2008.  Rate includes 2% margin. 
The contract includes mutual breaks, the first one being on 23 November 2014
(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 shown
includes a 2% margin.  This contract includes a mutual break on the fifth
anniversary and its duration is until 1 December 2021. 
 
Interest rate derivatives are shown at fair value in the income statement, and
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.   Issue of equity/ scrip dividend 
 
As stated in note 4 the final dividend of 9p per share for the year ended 31
December 2014 was paid on 31 July 2015. 
 
This dividend had a scrip dividend alternative.  The last day for electing to
take the scrip alternative was 3 July 2015 and the reference price was
332.5p. 
 
Shareholders holding 9,592,088 Ordinary Shares, representing 54.9% of the
issued share capital of the Company, elected to take the scrip dividend. 
 
Accordingly on 6 August 2015 the Company issued 259,634 new Ordinary Shares
which rank pari passu with the existing issued ordinary shares of the
Company. 
 
As the obligation to issue these new ordinary shares was present as at 30 June
2015, they have been accounted for as equity shares to be issued as at that
date. 
 
9.   Net asset value per share 
 
                    30 June    30 June    31 December  
                    2015       2014       2014         
                    £'000      £'000      £'000        
                                                       
                    Unaudited  Unaudited  Audited      
 Basic and diluted  413p       403p       409p         
 
 
10. Copies of this report are to be sent to all shareholders and are available
from the Company's registered office at Deneway House, 88-94 Darkes Lane,
Potters Bar, EN6 1AQ 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                        
 
 
 Sanlam Securities UK Ltd  +44 (0) 2076 282 200  
 David Worlidge                                  
 Virginia Bull                                   
 
 
This information is provided by RNS
The company news service from the London Stock Exchange