Business
COMPLETION OF SALE OF DEVELOPMENT
COMPLETION OF SALE OF DEVELOPMENT.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \n24 June 2009\n\n TRAFALGAR NEW HOMES PLC \n\n COMPLETION OF SALE OF DEVELOPMENT \n\nThe Board of Trafalgar New Homes plc (\"Trafalgar\") are pleased to announce\nthat, after a long and protracted negotiation, they have sold the land and the\npart completed development of 9 terraced houses in Mitcham Surrey, to Wandle\nHousing Association (\"Wandle\") on 17 June 2009, for the following sums:\n\n * Land £1,120,672.00\n \n * Building works to date £845,430.00\n \n * Less retentions £168,077.00\n \n * Amount received £1,798,024.10\n \n * Less loans redeemed to principal banker and others £1,647,282.51\n \nIn addition to the above, a separate agreement has been entered into by\nTrafalgar New Homes plc to complete the development for the sum of £833,570.00,\npayable upon valuation by Wandle's agents.\n\nThis transaction was forced upon Trafalgar due to the current economic crisis\nand housing `crash', which was compounded by the fact that Trafalgar's\nprincipal banker would not advance anymore money to complete the development\nwithout guaranteed sales and a possible cash input.\n\nThe scheme will show a loss and there is a shortfall. The Board are in\nnegotiations with various creditors to persuade the parties to accept shares in\nlieu of cash.\n\nThe Board continues to look for new business opportunities. Further\nannouncements will be made when appropriate.\n\nThe Directors of the issuer accept responsibility for this announcement.\n\nFor further information please contact:\n\nTRAFALGAR NEW HOMES PLC 07836 722 840\nAndy Moore\n\nSVS SECURITIES PLC 020 7638 5600\nIan Callaway\n\n\n \n ","length":1783,"tagName":"div"}]