Trafalgar Property Group PLC Refinancing of Debt (7460I)
12 Agosto 2019 - 6:28AM
UK Regulatory
TIDMTRAF
RNS Number : 7460I
Trafalgar Property Group PLC
12 August 2019
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Refinancing of debt
Trafalgar (AIM: TRAF), the AIM quoted residential and assisted
living property developer, is pleased to announce that it has
secured financing of GBP910,000 from a third party lender to
refinance the Company's current loans secured on Flat 2 Burnside
Close and Orchard House in Hildenborough (the "Residential
Properties") previously held in its subsidiary Trafalgar New Homes
Ltd (the "Refinancing").
Chris Johnson and Alex Johnson have provided guarantees for the
loans subject to the Refinancing (the "Guarantees"). Chris Johnson
and Alex Johnson are both former directors of the Company and Chris
Johnson owns 38.31% of the issued share capital of the Company.
Prior to the Refinancing, the Company acquired Selmat Ltd
("Selmat") from Chris Johnson for a cash consideration of GBP1 (the
"Acquisition"). Selmat, prior to the Acquisition, had been
considering the purchase of the Residential Properties and had
obtained due diligence and valuation reports which Trafalgar has
been able to use in order to facilitate the Refinancing.
At the time of the Acquisition, Selmat had net assets of GBP1.
The sale and purchase agreement entered into by the Company with
Chris Johnson contained appropriate warranties and indemnities for
the benefit of Trafalgar.
Related Party Transaction
Chris Johnson is a substantial shareholder in Trafalgar, owning
38.31% of the issued share capital of the Company. Both he and Alex
Johnson have also been directors of Trafalgar within the past 12
months. Accordingly, both Chris Johnson and Alex Johnson are
regarded as related parties and the Acquisition and guarantee of
the loans subject to the Refinancing are therefore regarded as
related party transactions under the AIM Rules. The directors of
the Company, having consulted with SPARK Advisory Partners Limited,
the Company's nominated adviser, consider that the terms of the
Acquisition and Refinancing are fair and reasonable insofar as
Trafalgar's shareholders are concerned.
Enquiries:
Trafalgar Property Group plc +44 (0) 7899 995
James Dubois 421
SPARK Advisory Partners Limited - AIM Nominated
Adviser +44 (0) 203 368
Matt Davis 3550
+44 (0) 20 7409
Peterhouse Capital Limited - Broker 0930
Duncan Vasey/Lucy Williams
Prior 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.
Notes to Editors:
Trafalgar Property Group plc
For further information visit www.trafalgarproperty.group
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END
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August 12, 2019 07:28 ET (11:28 GMT)
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