Loan restructuring etc

For immediate release

                                                              13 February, 2006

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

        Loan restructuring, overhead reduction and property acquisition        

Bank loans

Panther reorganised its loan structure in September 2006, entering into new
swap agreements which commenced in December 2006 as follows:

£50 million of the loan facility was effectively fixed at 5.29 per cent. (plus
the bank's margin) until 2011. The Group has now entered into swap agreements,
at no cost to the Company, over £25 million of the loan facility fixed at 4.90
per cent. (plus the bank's margin) until 2021 and a further £25 million is now
fixed at 4.63 per cent. (plus the bank's margin) until 2011, with HSBC having
the right at the end of this period to extend the latter swap agreement for a
further 10 years. This reduces annual servicing costs by £260k.

Loan facility

As a separate issue, Panther has not fully utilised the £75 million loan
facility arranged in 2004. The loan facility has a commitment fee of 0.5 per
cent. per annum on the unutilised balance. The Group has reduced the available
facility by £32.5 million to £42.5 million from February 2007, at no penalty
cost, reducing the annual commitment fee payable by £160k.

Of the remaining £42.5 million facility, £7.5 million remains undrawn and
available without providing additional security.

Bonus and salary

Over the last three financial years, Andrew Perloff, Executive Chairman of the
Company, has been paid a yearly bonus of £350,000 per annum in addition to his
basic salary. Mr Perloff has advised the Company that he is waiving all his
emoluments from the Company for the year ending 31 December 2007.

Total savings

It is estimated that the total savings for the Group arising from the above
measures will reduce overheads by £930,000 per annum for the year ending 31
December 2007, compared to those for the year ended 31 December 2006.

Purchases

Panther also announces that it has purchased four freehold factories, occupied
by subsidiary companies of Elektron PLC, for a cash consideration of £4,600,000
(including purchasing costs) and has entered into leaseback arrangements at a
total annual rental of £343,500.

The properties are situated at Tenbury Wells, Worcestershire; Princes
Risborough, Bucks; and Clacton-on-Sea, Essex.

These factories have a total net lettable area of 120,000 sq ft on seven acres
of land. 14,000 sq ft are vacant, with the potential for an additional rental
income of £50,000 per annum.

The purchase of these properties is being financed from existing cash balances.

For further information:

Simon Peters, Panther Securities plc: 020 7278 8011