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GRIO Ground Rents Income Fund Plc

31.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ground Rents Income Fund Plc LSE:GRIO London Ordinary Share GB00B715WG26 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 31.00 30.00 32.00 32.00 31.00 32.00 22,900 08:00:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 5.6M -7.52M -0.0786 -3.94 29.66M

Ground Rents Income Fund PLC Corporate Update (1453A)

22/12/2017 7:00am

UK Regulatory


Ground Rents Income (LSE:GRIO)
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TIDMGRIO

RNS Number : 1453A

Ground Rents Income Fund PLC

22 December 2017

Ground Rents Income Fund plc

Corporate Update

Ground Rents Income Fund PLC ("GRIF" or "the Company") notes the statement made yesterday by Communities Secretary, Sajid Javid, regarding the leasehold system, the proposed future level of ground rents in England and the release of the Department for Communities and Local Government's consultation responses and the subsequent Government response to the consultation- Tackling unfair practices in the leasehold market.

GRIF welcomes the steps the Government intends to take to stamp out poor practice in the housebuilding industry concerning leasehold houses, to protect consumers in the home sale process and to improve standards and transparency in residential property management sector. The Directors are wholly supportive of the Government's Housing White Paper, 'Fixing our broken housing market', and are aligned in their desire to promote fairness and transparency for consumers.

The Company is committed to working with Government and the Law Commission to appropriately reform the industry and to support existing leaseholders. GRIF has advocated a formal industry code of practice be enacted into legislation, under existing powers of the Secretary of State, in order to drive standards and to regulate managing agents.

In light of these announcements and having regard for the best interests of GRIF's leaseholders, the Company will pause the rollout of its asset management programme in order to digest the statements from the last 24 hours. The Directors remain committed to amending leases' review terms from doubling, to the lesser of doubling or RPI, for those leaseholders affected.

Contacts:

 
 Ground Rents Income Fund 
  plc 
                                   020 7499 
 Simon Wombwell (Director)          6424 
 
 Brooks Macdonald Funds Limited 
                                   020 7659 
 James Agar (Director)              3454 
 
 N+1 Singer (Broker) 
                                   020 7496 
 James Maxwell / Liz Yong           3000 
 
 Tavistock (Media) 
                                   020 7920 
 Jeremy Carey / James Whitmore      3150 
 
 Appleby Securities (Channel 
  Islands) Limited 
 Kate Storey / Danielle Machon     01481 755600 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBRBDDDSDBGRB

(END) Dow Jones Newswires

December 22, 2017 02:00 ET (07:00 GMT)

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