Further to the update provided on 27 September 2023, Panther Securities PLC confirmed that credit approval for the proposed refinancing of loan facilities has now been obtained from both of the joint-lenders. The new facility is to be for £68 million, split between a £55 million term loan and a £13 million revolving facility (which gives the Company more flexibility). The new facility has been agreed for a four-year term (with a further one-year option to extend), and the agreed terms show an improved interest margin for the Company, relative to current loan facility, with similar covenants.

The Company expects to complete the new facility in the new year. The current loan facility expires in July 2024.