Trafalgar Property Group PLC Board changes and director loan rescheduling (7236Y)
May 10 2019 - 10:50AM
UK Regulatory
TIDMTRAF
RNS Number : 7236Y
Trafalgar Property Group PLC
10 May 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
10 May 2019
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Board changes and director loan rescheduling
The Board of Trafalgar (AIM: TRAF), the AIM quoted residential
and assisted living property developer,
has today received notice from Chris Johnson, the CEO, and Alex
Johnson, Executive Director, of their intention to step down as
directors of the Company. As the Group's increasing focus is on its
assisted living retirement business, Chris and Alex are stepping
down from the board to focus on their roles at the Group's
residential property subsidiary, Trafalgar New Homes Limited
("TNH"), of which they will remain directors.
Chris and Alex will remain directors of the Company until
replacement directors are appointed to the Company's board. New
directors have been identified and the Company will be seeking for
their appointment as soon as possible once, inter alia, terms are
agreed and customary regulatory due diligence is completed. A
further announcement will be made in due course.
As a shareholder of approximately 43.9 per cent. of the
Company's issued share capital, Chris Johnson has confirmed to the
Company that he has no intention of selling any shares in the
Company for the foreseeable future and that he will remain bound by
the relationship agreement with the Company dated 27 June 2013.
In addition, Chris Johnson has confirmed that, if required by
the Company, he will continue to provide financial support through
the loan facility he provides to TNH, details of which were set out
in the Company's announcement of 31 August 2018 (the "TNH Loan").
On 31 August 2018 the repayment date of the TNH Loan was extended
to 30 September 2019 and Mr Johnson has today agreed to extend the
repayment date further to 31 May 2020. The outstanding balance on
the TNH Loan currently stands at GBP2,225,358 and TNH will make
repayments or drawings on the TNH Loan periodically, depending on
its working capital requirements.
The amendment to the repayment date of the TNH Loan is a related
party transaction under the AIM Rules for Companies. Accordingly,
the directors of the Company independent of the transaction (being
James Dubois and Norman Lott) consider, having consulted with the
Company's Nominated Adviser, Allenby Capital Limited, that the
terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.
Enquiries:
Trafalgar Property Group plc +44 (0) 7899 995
James Dubois 421
Allenby Capital Ltd - AIM Nominated Adviser
and Broker +44 (0) 20 3328
Jeremy Porter/James Reeve/Liz Kirchner 5656
Yellow Jersey PR Limited +44 (0) 7747 788
Charles Goodwin 221
Notes to Editors:
Trafalgar Property Group plc
Trafalgar Property Group plc is the holding company of two
operating companies, Trafalgar Homes Limited, an established
residential property developer operating in the southeast of
England, and Trafalgar Retirement+ Limited, which is focussed on
assisted living and extra care developments for the elderly. The
founders of both subsidiaries have long track records in their
respective specialist property disciplines.
The Company's focus is on the select acquisition of land for
residential and assisted living / extra care 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.
Trafalgar Retirement+ (formerly named Beaufort Homes, a
retirement living property specialist developer, prior to its
acquisition by Trafalgar in March 2018) is seeking to capitalise on
the burgeoning demand for retirement properties within the South
East of England and particularly vis-a-vis the assisted living
segment.
For further information visit www.trafalgarproperty.group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOALLFSSEDIILIA
(END) Dow Jones Newswires
May 10, 2019 10:50 ET (14:50 GMT)
Trafalgar Property (LSE:TRAF)
Historical Stock Chart
From Apr 2024 to May 2024
Trafalgar Property (LSE:TRAF)
Historical Stock Chart
From May 2023 to May 2024