Trafalgar Property Group PLC Company Update (2517I)
31 Marzo 2020 - 06:30AM
UK Regulatory
TIDMTRAF
RNS Number : 2517I
Trafalgar Property Group PLC
31 March 2020
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or the "Group")
Company Update
Trafalgar (AIM: TRAF), the property development operations and
hydroponics business, provides the following update:
Property Development
Barnett Wood Lane
As announced on 20 January 2020, the Company has been successful
in obtaining planning consent for a three unit development in
Ashtead Surrey ("Ashtead"). Since this date and despite the impact
of Covid-19 discussions have continued to progress and the Company
is hopeful of making further announcements regarding a profitable
disposal of Ashtead in the coming months.
Staplehurst
The Company had launched a planning appeal regarding the
development on the land at Staplehurst. The Company has been
informed that this appeal has been turned down and consequently
Trafalgar's option to purchase this land has consequently lapsed.
Whilst the Board considers the site has potential it has decided to
focus limited resources elsewhere and has terminated this project.
The Company accumulated costs of GBP170,000 on this project, that
will now be written-off. There is no impact on the Company's cash
position as a result of the project termination.
Hydroponics and Potential Fundraise Update
Since the publication of the circular increasing the authority
to allot shares on 11 March 2020, the Company progressed
conversations with a number of hydroponics investment
opportunities. The Board is pleased to report that following these
discussions it is further convinced of the exciting opportunities
to deliver value to shareholders through hydroponics ventures which
leverage off the Company's property development expertise.
The Company's hydroponics strategy is conditional on the raising
of new equity or leverage finance. Whilst the board is confident of
the Company's ability to raise growth capital for this highly
attractive venture, it must do so with regard to the value that
could be created not only for new shareholders but also existing
investors in the Company. The Company will not be seeking to raise
new equity until it believes that this can be completed at a price
which values the Company and the hydroponics opportunities open to
it correctly. Further announcements will be made in due course.
Enquiries:
Trafalgar Property Group Plc
James Dubois +44 (0) 1732 700 000
Spark Advisory Partners Ltd -AIM Nominated
Adviser
Matt Davis +44 (0) 20 3368 3550
Peterhouse Capital Limited - Broker
Duncan Vasey/Lucy Williams +44 (0) 20 7409 0930
Notes to Editors:
Trafalgar Property Group Plc is the holding company of Trafalgar
New Homes Limited, a residential property developer operating in
the southeast of England and Trafalgar Retirement + Limited, a
property developer in the assisted living and extra care for the
elderly sector. The founders have a long track record of developing
new and refurbished homes, principally in Kent.
The Company's focus is on the select acquisition of land for
residential property development. The Company outsources all
development activities, for example the obtaining of planning
permission, design and construction, and uses fixed price build
contracts, enabling it to tightly control its development and
overhead costs.
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contact rns@lseg.com or visit www.rns.com.
END
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