Business
Company Update
Company Update.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2517I\n Trafalgar Property Group PLC\n 31 March 2020\n \n \n \n \n TRAFALGAR PROPERTY GROUP PLC\n \n \n (\"Trafalgar\", the \"Company\" or the \"Group\")\n \n \n Company Update\n \n \n Trafalgar (AIM: TRAF), the property development operations and hydroponics business, provides the following update:\n \n \n Property Development\n \n \n Barnett Wood Lane\n \n \n As announced on 20 January 2020, the Company has been successful in obtaining planning consent for a three unit development in Ashtead Surrey (\"Ashtead\"). Since this date and despite the impact of Covid-19 discussions have continued to progress and the Company is hopeful of making further announcements regarding a profitable disposal of Ashtead in the coming months.\n \n \n Staplehurst\n \n \n The Company had launched a planning appeal regarding the development on the land at Staplehurst. The Company has been informed that this appeal has been turned down and consequently Trafalgar's option to purchase this land has consequently lapsed. Whilst the Board considers the site has potential it has decided to focus limited resources elsewhere and has terminated this project. The Company accumulated costs of 170,000 on this project, that will now be written-off. There is no impact on the Company's cash position as a result of the project termination.\n \n \n Hydroponics and Potential Fundraise Update\n \n \n Since the publication of the circular increasing the authority to allot shares on 11 March 2020, the Company progressed conversations with a number of hydroponics investment opportunities. The Board is pleased to report that following these discussions it is further convinced of the exciting opportunities to deliver value to shareholders through hydroponics ventures which leverage off the Company's property development expertise. \n \n \n The Company's hydroponics strategy is conditional on the raising of new equity or leverage finance. Whilst the board is confident of the Company's ability to raise growth capital for this highly attractive venture, it must do so with regard to the value that could be created not only for new shareholders but also existing investors in the Company. The Company will not be seeking to raise new equity until it believes that this can be completed at a price which valu...