Business
Statement re Completion, Board Changes, Share I...
Statement re Completion, Board Changes, Share I....
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \n Trafalgar New Homes plc \n\n (\"Trafalgar\" or the \"Company\") \n\nCompletion, Board Changes and Issue of Shares\n\nCompletion\n\nTrafalgar, a provider of homes in London and Greater London, announces today\nthat it has completed a refinancing that will allow it to proceed with the\ndevelopment of 9 houses set in a secure courtyard at Heyford Road, Mitchem,\nSurrey.\n\nTrafalgar has secured development funding from Bank of Ireland replacing\nBarclays. Bank of Ireland has provided funding of up to a maximum of £2,050,000\nto develop the houses. In addition, Robert McKendrick, Executive Chairman, has\nloaned the Company £335,000 and entered into personal guarantees amounting to £\n150,000 and an additonal cost overrun personal guarantee of a further £150,000.\nThe Board of the Company has agreed to issue Robert McKendrick, Managing\nDirector with 2,014,000 Ordinary Shares of 0.01 pence each (the \"Ordinary\nShares\") as compensation for the loan, personal guarantees and as an\nintroducers fee for finding the James Taylor development opportunity in Collent\nStreet, Hackney, London. Further details of the share issue is set out below.\n\nBoard Changes\n\nThe board of Trafalgar announces that Mr Kulvir Virk and Mr Ashley Sheldrick\nhave resigned as directors of the Company to concentrate on other work\ncommitments. Mr Mckendrick, Chairman of the Company, thanked Mr Virk and Mr\nSheldrick for their contribution to the Company.\n\nThe board is also pleased to announce the appointment of Anita Madhas as\nCompany Secretary of the Company. Anita, aged 33, brings with her a wealth of\ncompany secretarial and financial experience with both listed and private\ncompanies.\n\nIssue of equity\n\nThe board of Trafalgar announces that it has issued 2,014,000 Ordinary Shares\nof 0.01 pence each (the \"Ordinary Shares\") to Mr Robert McKendrick. Following\nthe issue of Ordinary Shares, Mr Robert McKendrick holds 2,014,000 Ordinary\nShares in the Company representing approximately 23.0 per cent. of the enlarged\nshare capital.\n\nFollowing this issue of Ordinary Shares, there are 8,757,519 Ordinary Shares in\nissue.\n\nThe Directors accept responsibility for the contents of this announcement.\n\nFor further information please contact:\n\nTrafalgar New Homes plc 07836 722840\n\nAndy Moore\n\nSVS Securities plc 020 7638 5600\n\nIan Callaway...