TIDMTRAF
RNS Number : 2198A
Trafalgar Property Group PLC
28 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.
28 May 2019
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Adviser Appointments, Equity Fundraise & Board Changes
Appointment of Advisers
Trafalgar (AIM: TRAF), the AIM quoted residential and assisted
living property developer, announces the appointment of SPARK
Advisory Partners Limited ("SPARK") as its Nominated Adviser.
Trafalgar is also pleased to announce the appointment of
Peterhouse Capital Limited ("Peterhouse") as its Sole Broker.
Equity Fundraise
The Company announces that it has raised, in aggregate,
GBP250,000 (before expenses), through a placing of, in aggregate,
62,500,000 new ordinary shares of 0.1 pence value each in the
capital of the Company ("Ordinary Shares") at an issue price of 0.4
pence per share (the "Issue Price") (the "Fundraising") via the
Company's broker, Peterhouse.
The Fundraising is conditional on admission of the new Ordinary
Shares to trading on AIM ("Admission") and, following Admission,
the new Ordinary Shares will represent, in aggregate, approximately
12.8 per cent. of the Company's enlarged issued share capital.
The new Ordinary Shares will be fully paid and will rank pari
passu in all respects with the Company's existing Ordinary Shares.
The Issue Price represents a discount of approximately 33.3 per
cent. to the closing mid-market price on AIM of 0.6 pence per
Ordinary Share on 24 May 2019.
Broker Warrants
In addition, in connection with the Placing, the Company has
agreed to award Peterhouse warrants over 6,250,000 Ordinary Shares
valid for one year from the date of issue, which shall give
Peterhouse the right to acquire 6,250,000 Ordinary Shares of the
Company at the Placing Price.
Use of Proceeds
The net proceeds from the Fundraising will be utilised for
funding new and existing development projects and will also provide
additional general working capital for the Group.
Director's Participation
James Dubois, Non-Executive Chairman of the Company has
participated in the Fundraising. Mr Dubois has directly subscribed
for 2,500,000 new Ordinary Shares at the Issue Price. As a result
of Mr Dubois's participation, he will hold 4,000,000 Ordinary
Shares on Admission representing 0.8 per cent. of the Company's
enlarged issued share capital.
Board Changes
The Company is pleased to announce the appointment of Paul
Arthur Treadaway to the Board as an Executive director and CEO with
immediate effect. Paul has held senior positions in both Public and
Private Companies using his expertise in construction and land
assembly and for many years particularly in the emerging assisted
living Retirement Housing market.
Further to the announcement made on 10 May 2019, Chris Johnson,
the CEO, and Alex Johnson, Executive Director, have now stepped
down from the Group board. The Company is actively seeking another
Non-Executive Director to further complement the board's
skillset.
Commenting today, James Dubois, Non-Executive Chairman of the
Company, said:
"The Placing, together with our trading in the current year,
gives us the working capital to obtain planning permission on
various sites that we hold under option. Our principal focus will
be on the development of our new Camberley assisted-living project.
We are also delighted to welcome Paul to the Board, his experience
and understanding of this sector will be a valuable addition. He
will bring sound commercial judgement to bear, which will
strengthen our depth on issues of strategy, performance and
resources."
Admission to Trading
Application will be made to the London Stock Exchange for the
admission of the new Ordinary Shares to trading on AIM. It is
expected that admission will become effective and dealings commence
on or around 31 May 2019.
Following Admission, the total issued ordinary share capital of
the Company will comprise 487,690,380 Ordinary Shares.
Further information in relation to Paul Treadaway
Save for the information above and below, there are no further
disclosures to be made in accordance with Rule 17, Schedule 2(g) of
the AIM Rules for Companies in respect of the appointment of Paul
Treadaway.
Full Name: Paul Arthur Treadaway
Age: 68
Current directorships Directorships in the last 5
years
Trafalgar Retirement + Limited N/A
Mr Treadaway currently owns 106,484,658 ordinary shares which
represents 25.04% of the issued share capital of the Company.
Wren Estates Limited, a company of which Paul Treadaway was a
director until 10 September 2010, entered receivership on 5 October
2010. There were 8 total insolvency cases with 4 ceasing to act on
4 January 2012. Wren Estates Limited is currently under receiver
action.
Enquiries:
Trafalgar Property Group plc +44 (0) 7899 995
James Dubois 421
SPARK Advisory Partners Limited - AIM Nominated
Adviser +44 (0) 203 368
Matt Davis 3550
+44 (0) 20 7409
Peterhouse Capital Limited - Broker 0930
Duncan Vasey/Lucy Williams
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 main
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 announcement is not intended to, and does not, constitute
or form part of any offer or invitation, or the solicitation of an
offer, to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities in the United States of
America or Australia or any jurisdiction in contravention of
applicable law. The Company's securities have not been and will not
be registered under the United States Securities Act of 1933 (the
"1933 Act") or under the securities laws of any State or other
jurisdiction of the United States and may not be offered, sold,
re-sold, delivered, distributed or otherwise transferred, directly
or indirectly, in or into, the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
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
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contact rns@lseg.com or visit www.rns.com.
END
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