Trafalgar New Homes plc
("Trafalgar" or the "Company")
Completion, Board Changes and Issue of Shares
Completion
Trafalgar, a provider of homes in London and Greater London, announces today
that it has completed a refinancing that will allow it to proceed with the
development of 9 houses set in a secure courtyard at Heyford Road, Mitchem,
Surrey.
Trafalgar has secured development funding from Bank of Ireland replacing
Barclays. Bank of Ireland has provided funding of up to a maximum of £2,050,000
to develop the houses. In addition, Robert McKendrick, Executive Chairman, has
loaned the Company £335,000 and entered into personal guarantees amounting to £
150,000 and an additonal cost overrun personal guarantee of a further £150,000.
The Board of the Company has agreed to issue Robert McKendrick, Managing
Director with 2,014,000 Ordinary Shares of 0.01 pence each (the "Ordinary
Shares") as compensation for the loan, personal guarantees and as an
introducers fee for finding the James Taylor development opportunity in Collent
Street, Hackney, London. Further details of the share issue is set out below.
Board Changes
The board of Trafalgar announces that Mr Kulvir Virk and Mr Ashley Sheldrick
have resigned as directors of the Company to concentrate on other work
commitments. Mr Mckendrick, Chairman of the Company, thanked Mr Virk and Mr
Sheldrick for their contribution to the Company.
The board is also pleased to announce the appointment of Anita Madhas as
Company Secretary of the Company. Anita, aged 33, brings with her a wealth of
company secretarial and financial experience with both listed and private
companies.
Issue of equity
The board of Trafalgar announces that it has issued 2,014,000 Ordinary Shares
of 0.01 pence each (the "Ordinary Shares") to Mr Robert McKendrick. Following
the issue of Ordinary Shares, Mr Robert McKendrick holds 2,014,000 Ordinary
Shares in the Company representing approximately 23.0 per cent. of the enlarged
share capital.
Following this issue of Ordinary Shares, there are 8,757,519 Ordinary Shares in
issue.
The Directors accept responsibility for the contents of this announcement.
For further information please contact:
Trafalgar New Homes plc 07836 722840
Andy Moore
SVS Securities plc 020 7638 5600
Ian Callaway
Peter Manfield