26th Feb 2021 11:04
(Alliance News) - Panther Securities PLC on Friday withheld from declaring an interim dividend of 6.0 pence per share, as it waits for full credit approval to be obtained for refinancing, as well as the negotiated terms to be confirmed.
The property investor's banking facilities are due to expire in April, and Panther Securities has been in talks with joint lenders regarding the refinancing of its current facilities. However, due to the pandemic the talks have taken longer to finish than expected.
Panther noted that one of its joint lenders had advise that its part of the refinancing has received full credit approval, however the other lender said that it internal processes are ongoing.
The group expects to be able to confirm within March that full credit approval has been obtained, and foresees an extension to July will be granted on the current loan facilities, to give time to complete the necessary paperwork and any due diligence required.
As part of the refinancing process, a valuation of Panther's properties were undertaken by Carter Jones on behalf of the lenders, giving a total portfolio value of GBP173.5 million. The final external valuations will be adopted within the accounts for 2020.
Shares in Panther Securities were untraded on Friday, last quoted at 205.00 pence in London.
By Dayo Laniyan; [email protected]
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