Business
Board changes and director loan rescheduling
Board changes and director loan rescheduling.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 7236Y Trafalgar Property Group PLC 10 May 2019 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n10 May 2019\n \nTRAFALGAR PROPERTY GROUP PLC\n(\"Trafalgar\", the \"Company\" or \"Group\")\n \nBoard changes and director loan rescheduling\n \nThe Board of Trafalgar (AIM: TRAF), the AIM quoted residential and assisted living property developer,\nhas today received notice from Chris Johnson, the CEO, and Alex Johnson, Executive Director, of their intention to step down as directors of the Company. As the Group's increasing focus is on its assisted living retirement business, Chris and Alex are stepping down from the board to focus on their roles at the Group's residential property subsidiary, Trafalgar New Homes Limited (\"TNH\"), of which they will remain directors.\n \nChris and Alex will remain directors of the Company until replacement directors are appointed to the Company's board. New directors have been identified and the Company will be seeking for their appointment as soon as possible once, inter alia, terms are agreed and customary regulatory due diligence is completed. A further announcement will be made in due course.\n \nAs a shareholder of approximately 43.9 per cent. of the Company's issued share capital, Chris Johnson has confirmed to the Company that he has no intention of selling any shares in the Company for the foreseeable future and that he will remain bound by the relationship agreement with the Company dated 27 June 2013. \n \nIn addition, Chris Johnson has confirmed that, if required by the Company, he will continue to provide financial support through the loan facility he provides to TNH, details of which were set out in the Company's announcement of 31 August 2018 (the \"TNH Loan\"). On 31 August 2018 the repayment date of the TNH Loan was extended to 30 September 2019 and Mr Johnson has today agreed to extend the repayment date further to 31 May 2020. The outstanding balance on the TNH Loan currently stands at £2,225,358 and TNH will make repayments or drawings on th...