Update on refinance, property valuation & dividend

23 March 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).

Panther Securities PLC
(the "Company" or the "Group")

Update on refinance, property valuations and dividend

Further to the Company's announcement made on 26 February 2021, the Board provides the following updates:

Refinance

The Group is pleased to confirm that approval has been obtained for the three month extension from both joint lenders ("the Lenders"), to extend the current loan facilities to July 2021 (previously to expire in April 2021)("the Extension Period").  The refinance of our term loans is now expected to receive full credit approval and complete within the Extension Period.  The Lenders' solicitors have also now been instructed on the basis that the final credit approval will be obtained from the second Lender.

Property valuations

The final forms of the reports have been issued by the valuers. Although the Lenders still have an opportunity to raise queries, the Board considers it unlikely at this stage that the valuation figures reported on 26 February 2021 will change.  We have been informed that the reports are expected to be officially signed off in the next two weeks.

Dividend update

The Directors still consider that it is prudent to wait until full credit approval has been obtained for the refinancing before declaring any dividend. 

As such the Group expects to make a further announcement on the dividend and confirm credit approval in due course.

For further information: