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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Formation Grp | LSE:FRM | London | Ordinary Share | GB0030432735 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFRM
RNS Number : 6193B
Formation Group PLC
20 June 2016
Formation Group Plc
('Formation' or 'the Group')
Debt Repayment and Development Loan Facility Extension
Formation Group Plc (AIM: FRM), the property development and project management company, is pleased to announce that the amount outstanding on its development facility of GBP8,981,000, which its subsidiary company Formation Homes (London) Limited holds with its current lender, has been reduced to GBP3,924,000 following recent sale completions at 159-161 Iverson Road, London NW6 2RB. There are further apartments exchanged totaling approximately GBP1,775,000 which, when completed, will further reduce these borrowings to approximately GBP2,150,000. The lender has now offered a three-month extension to its facility to 15(th) September 2016 on similar terms.
The development is fully completed, with further apartments under offer. The Board is confident that with current sales progress, remaining asset value in the scheme and access to its own cash resources (Norwich House Profit Share Agreement) this facility will be fully repaid. Profits on the development remain in line with expectations.
- ENDS -
Enquiries:
Formation Group plc Tel: +44 (0) 20 7920 7590
David Kennedy, Chief Executive Officer
Northland Capital Partners Ltd (Nomad) Tel: +44 (0)20 3861 6625
William Vandyk / Gerry Beaney
Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930
Duncan Vasey / Fungai Ndoro
Yellow Jersey PR Limited (Media Relations) Tel +44 (0) 7825 916 715 /
Dominic Barretto / Alistair de Kare-Silver +44 (0) 7768 537 739
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFSRRIIALIR
(END) Dow Jones Newswires
June 20, 2016 02:00 ET (06:00 GMT)
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