Trafalgar New Homes PLC Director Loan (3901E)
July 18 2016 - 2:00AM
UK Regulatory
TIDMTRAF
RNS Number : 3901E
Trafalgar New Homes PLC
18 July 2016
Trafalgar New Homes plc
(the "Company")
Director Loan
Trafalgar New Homes plc (AIM: TRAF), the residential property
developer operating in southeast England, today provides an update
on its director loan from Chris Johnson, Chief Executive.
On 17 July 2015, the Company announced that its loan from Chris
Johnson to the Company's subsidiary, Combe Bank Homes Limited
("CBH"), which then stood at approximately GBP2,000,000 (the "CBH
Loan"), was extended until 31 March 2017. In addition, the Company
announced that Mr Johnson had agreed to support the Company for its
anticipated working capital needs.
Under the terms of the CBH Loan, Mr Johnson is entitled to
receive interest of 5% per annum, payable annually in arrears. On
15 July 2016, Mr Johnson agreed to waive interest due on the CBH
Loan for the year ended 31 March 2016, which would have totalled
GBP106,200. The CBH Loan will continue to accrue interest for the
year ending 31 March 2017. The outstanding balance on the CBH Loan
currently stands at GBP2,097,000. CBH will make repayments on the
CBH Loan periodically, depending on its working capital
requirements and Mr Johnson has confirmed he will continue to
support the Company's working capital requirements as needed.
The waiver of interest payments on the CBH Loan for the year
ended 31 March 2016 is a related party transaction under the AIM
Rules for Companies. Accordingly, the independent directors of the
Company consider, having consulted with Allenby Capital Limited,
the Company's Nominated Adviser, that the waiver of the interest is
fair and reasonable insofar as the Company's shareholders are
concerned.
Enquiries:
Trafalgar New Homes Plc +44 (0)1732 700
Christopher Johnson 000
Allenby Capital Ltd - Nominated
Adviser and Broker +44 (0)20 3328
Jeremy Porter/James Reeve 5656
Yellow Jersey PR Limited +44 (0)7768 537
Dominic Barretto 739
This information is provided by RNS
The company news service from the London Stock Exchange
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