Update re: Rescission of Purchase Agreements
September 22 2009 - 8:15AM
UK Regulatory
TIDMOPF
RNS Number : 4657Z
Off-Plan Fund Limited (The)
22 September 2009
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| For Immediate Release | 22 September 2009 |
+-------------------------------------+--------------------------------------------+
THE OFF-PLAN FUND LIMITED
(the "Company" or "Fund")
Update re Rescission of Purchase Agreements in respect of Canon House,
Wallington
As announced on 14 August 2009, the Fund has exercised its right to rescind each
of the purchase agreements entered into between the Fund and Henry Homes
(Wallington) Limited ("HHW") in respect of the 118 residential units which were
to comprise part of the proposed Canon House development in Wallington (the
"Agreements").
In this previous announcement it was also stated that the Fund would seek to
secure the return of sums outstanding owing to the rescission of the
Agreements. As an update in this regard, the Fund is pleased to announce that
Bank of Scotland Plc ("BoS"), as lending bank to HHW, has acknowledged the
rescission of the Agreements and that the Fund has today received the sum of
GBP3 million previously held in escrow by AIB Bank (CI) Limited ("AIB") as
collateral for a completion guarantee provided by AIB to BoS in respect of the
Fund's former obligations under the Agreements.
In addition and as previously announced, the Fund is also entitled to have the
deposits it paid under the terms of the Agreements, amounting to GBP1.1 million
in aggregate (the "Deposits"), repaid by HHW or in the event that HHW is
wound-up, repaid, to the extent that any amount of the Deposits remain
outstanding, by Zurich Insurance Company (trading as Zurich Municipal) which has
guaranteed the return of the Deposits to the Fund in the event of such a
winding-up.
The process to recover the Deposits has commenced and there will be a further
announcement in due course, once it is possible to determine more accurately the
likely timetable for the conclusion of this process.
List of Contacts:
Development Capital Management
Roger Hornett
Andy Gardiner
020 7355 7600
John East & Partners Limited, a
subsidiary of Merchant Securities Plc
(Nominated Adviser)
Bidhi Bhoma/Simon Clements
020 7628 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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