Business
RESULT OF GENERAL MEETING AND APPLICATION FOR R...
RESULT OF GENERAL MEETING AND APPLICATION FOR R....
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \n\n8 November 2011\n\n TRAFALGAR NEW HOMES PLC\n\n RESULT OF GENERAL MEETING AND APPLICATION FOR RE-ADMISSION TO PLUS\n\nThe Directors of Trafalgar New Homes (the \"Company\" or \"TNH\") are pleased to announce that at the\ngeneral meeting of shareholders (The \"General Meeting\") held earlier today, all resolutions, including\nthe resolution for the approval of the acquisition of Combe Bank Homes Limited (\"Combe Bank\") were\nduly passed. The Directors are also pleased to announce that the Company has made application for the\nre-admission of its entire issued and to be issued ordinary share capital to trading on the PLUS-\nquoted market (\"Re-Admission\").\n\nLISTING DETAILS\n\nSector classification: Construction & Materials\nPrincipal activities: Residential property development\nPLUS Corporate Adviser: SVS Securities PLC\n\nOVERVIEW\n\nTNH has been a small house builder which encountered financial difficulties in relation to one\nspecific development and consequently, on 12 July 2010 announced that it had filed notice to appoint\nadministrators at court. A Company Voluntary Arrangement was then put into effect and on 13 September\n2011 TNH announced that the Company was no longer in administration. On 13 October 2011 a circular was\nposted to shareholders containing a notice convening a General Meeting of the shareholders of the\ncompany to approve, inter alia, the acquisition by TNH of the issued share capital of Combe Bank, a\ntransaction constituting a \"reverse takeover\" under the PLUS Rules.\n\nCombe Bank was incorporated in November 2006 to undertake residential development in new build,\nconversions and refurbishment. The founders, Christopher and Alexander Johnson, together with their\nsupport staff, have direct experience in the residential housing sector. Combe Bank currently owns\neight residential sites, concentrated in Kent. For the six month period ended 31 May 2011 the company\nreturned a profit after taxation of £329,495. As at that date Combe Bank's property portfolio was\nvalued at £7,054,938. Long term indebtedness was £8,918,077, of which £4,686,749 was provided by\nChristopher Johnson's family interests.\n\nFollowing the General Meeting, Mr Robert McKendrick and Mr James Reid have resigned as directors of\nTNH, subject to Re-Admission, and Mr Christopher Johnson and Mr Alexander Johnson have be...