Further re Recovery of Deposits

 

TIDMOPF 
 
RNS Number : 9794U 
Off-Plan Fund Limited (The) 
26 October 2010 
 
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| AIM: OPF                      |                     26 October 2010 | 
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                            THE OFF-PLAN FUND LIMITED 
                                  (the "Fund") 
 
            Further re Recovery of Deposits - Canon House, Wallington 
 
As announced in its interim results for the six months ended 31 March 2010, the 
Fund had made a provision in full for a GBP1.1 million deposit paid, relating to 
118 properties, to Henry Homes (Wallington) Limited ("HHW") on the commencement 
of the Canon House project.  On 31 March 2010, HHW was subject to a winding up 
order and is now in insolvent liquidation. As a result of HHW's insolvent 
liquidation and as a beneficiary of the policies to cover such a situation, the 
Fund made a claim on 9 April 2010 to recover the entire amount of the deposit 
from the insurer, Zurich Insurance ("Zurich"). 
 
The Fund is pleased to announce that it has received confirmation from Zurich's 
solicitors that processing of the payments relating to each property will begin 
shortly. As a result of the number of properties involved in the claim, full 
payment of the GBP1.1 million sum insured is expected to take up to 3-4 weeks to 
complete. The Fund is working with Zurich to ensure that payments are made as 
quickly as possible and a further announcement will be made once all monies have 
been received. 
 
Once the monies have been received the Directors of the Fund will determine more 
accurately the likely timetable for the conclusion of the process to wind up the 
Fund.  The Directors of the Fund will consider whether it is appropriate to make 
further partial redemptions or other forms of distribution to its Members when 
such announcement is made. 
 
 
List of Contacts: 
 
Development Capital Management 
Andy Gardiner 
Tom Pridmore 
020 7355 7600 
 
Merchant Securities Limited 
(Nominated Adviser) 
Bidhi Bhoma/Simon Clements 
020 7628 2200 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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