OPF Off-Plan Fd

 

TIDMOPF 
 
RNS Number : 4657Z 
Off-Plan Fund Limited (The) 
22 September 2009 
 

+-------------------------------------+--------------------------------------------+ 
| 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 
 
 MSCUUAURKSRKUAR 
 

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