Business
Year end trading update
Year end trading update.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 4330X Trafalgar Property Group PLC 29 April 2019 \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 \n29 April 2019\n \nTRAFALGAR PROPERTY GROUP PLC\n(\"Trafalgar\", the \"Company\" or \"Group\")\n \nYear end trading update\n \nTrafalgar (AIM: TRAF), the AIM quoted residential and assisted living property developer, provides an update on its property and development portfolio and trading for the financial year ended 31 March 2019.\n \nDuring the financial year the Group has been engaged in progressing plans for the development of assisted living schemes and completing the development and sales of the four sites under ownership in Kent, as follows:\n \nOn Saxons, Speldhurst, a substantial detached house, the new financial year has brought some positive news as a sale has now been agreed for £1.6m and as this purchaser does not need to sell a property, the transaction is expected to proceed with expedition.\n \nThe property at Burnside Court, Tunbridge Wells that was under offer in December 2018 was sold, leaving the remaining three units (flats 2, 3 and 5) to be sold. Regrettably, no offers have been forthcoming despite the fact that prices were reduced and multiple sales agents used.\n \nNegotiations are in hand for the sale of these three properties together with the one remaining detached house at Vines Lane, Hildenborough, to property investors, one of whom is Chris Johnson, the CEO of the Company. No binding agreement has been entered into. As is the Board's practice, an independent valuation of the properties will be completed before any transaction proceeds. A further announcement will be made in due course.\n \nAt Wellesley Road, Sheerness, rapid progress is now being made on the construction side with a new contractor following the sad death of the previous builder. The completion date of the six houses is now anticipated to be July 2019.\n \nOn 21 December 2018 the Company announced plans to seek to raise funds through a bond issue. To date this initiative has not delivered investm...