Formation Group PLC Trading Update (2323B)
October 05 2015 - 7:00AM
UK Regulatory
TIDMFRM
RNS Number : 2323B
Formation Group PLC
05 October 2015
Formation Group PLC
("Formation" or the "Company")
Trading update
On 29 May 2015 Formation published its unaudited interim results
for the six months ended 28 February 2015. Included within the
Company's consolidated balance sheet were loans in relation to two
subsidiaries, FG (Bradford) Limited and FG (Bristol) Limited,
amounting to, in aggregate, GBP4.331 million, which were secured
against two properties.
The directors of Formation are pleased to announce that the
Company has now disposed of these properties which were held under
a non-recourse funding agreement with Dunbar Assets Plc. The
consideration received on the sale of both properties, net of sale
costs, will be utilised to settle in full the loan liability
referred to above. The directors of Formation anticipate that this
will have the net positive effect to the Company's balance sheet of
a write-back on the loans of approximately GBP1.05m.
Formation's financial year ended on 31 August 2015 and the
Company hopes to publish its audited accounts for this period by 31
January 2016
FOR FURTHER INFORMATION PLEASE CONTACT:
Formation Group Plc
David Kennedy - Chief Executive Officer 020 7920 7590
Northland Capital Partners Limited - Nominated Adviser
William Vandyk / Gerry Beaney 020 7382 1100
Peterhouse Corporate Finance Limited - Broker
Duncan Vasey / Fungai Ndoro 020 7469 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTFSWFSIFISEIS
(END) Dow Jones Newswires
October 05, 2015 07:00 ET (11:00 GMT)
Formation (LSE:FRM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Formation (LSE:FRM)
Historical Stock Chart
From Jul 2023 to Jul 2024
