Business
Proposed acquisition of Beaufort Homes Ltd
Proposed acquisition of Beaufort Homes Ltd.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 9881F Trafalgar New Homes PLC 27 February 2018 \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 \n27 February 2018\n \nTRAFALGAR NEW HOMES PLC\n(\"Trafalgar\", the \"Company\" or \"Group\")\n \nProposed acquisition of Beaufort Homes Ltd, proposed change of name and notice of General Meeting\n \nTrafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Beaufort Homes Limited (\"Beaufort Homes\") (the \"Acquisition\"). The consideration for the Acquisition will be satisfied through the issue of 186,815,190 ordinary shares in the Company (the \"Consideration Shares\") to the owners of Beaufort Homes. The Company will shortly be posting to shareholders a circular (the \"Circular\") to convene a general meeting of shareholders (the \"General Meeting\") at which the Company will seek, inter alia, an increase in its share authorities to enable the issue of the Consideration Shares. \n \nBeaufort Homes was established in October 2016 and has signed a number of option agreements for the acquisition of sites in southeast England which, subject to securing planning permission, would be developed into extra care and assisted living schemes. The UK population is aging, leading to a growing demand for specialised housing for the elderly, and an increasingly favourable planning environment. Beaufort intends to develop units for purchase by owners, who would then receive extra care in their own homes.\n \nAt the General Meeting, the Company will also be seeking shareholder approval for a change in the Company's name to Trafalgar Property Group plc, in order to more accurately reflect the strategy of the enlarged group, as well as seeking approval for a share capital reorganisation. Extracts from the Circular, which include further details on Beaufort Homes, the Acquisition, the proposed change of name and the share capital reorganisaiton are i...