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Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

NOTE 21 — SUBSEQUENT EVENTS

 

As disclosed in note 17, since the year end, the Company purchased a property which it previously occupied through a lease, which was due to expire in 2016. The cost of the property was £1.8 million (approximately $2.8 million). In order to finance this purchase the Company secured a new 20 year loan from Lloyds for £1.4 million (approximately $2.2 million) at an annual rate of interest fixed at 4.8%. for 15 years. Thereafter the interest reverts to a rate linked to the London Inter-bank lending rate. The balance of the purchase price was financed through the Company’s own cash flow.