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Property, Plant and Equipment
3 Months Ended
Mar. 31, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

NOTE 8- PROPERTY, PLANT AND EQUIPMENT

 

On March 4, 2013, the Company purchased the property occupied by its UK subsidiary Pascall, which it previously occupied through a lease. The lease had been due to expire in 2016. The cost of the property was £1.8 million (approximately $2.7 million at the rate of exchange prevailing at March 31, 2013). In order to finance this purchase the Company secured a new 20 year loan from Lloyds TSB plc for £1.4 million (approximately $2.1 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 of $0.6 million was financed using the Company’s cash.