29 September 2014
Trafalgar New Homes plc
("Trafalgar New Homes" or the "Company")
Result of AGM and planning update
Trafalgar New Homes (AIM: TRAF), the residential property developer operating in Southeast England, announces that at the Company's annual general meeting, held earlier today, all resolutions were duly passed.
The Company also advises that its revised planning application for the land it has under option at George Street, Staplehurst, Kent has been declined by Maidstone Borough Council. The Company believed it had satisfied the matters identified in its first application which led to its rejection and accordingly, the Company will be lodging an appeal as soon as possible.
Contacts
Trafalgar New Homes plc Christopher Johnson |
+44 (0)1732 700 000 |
Allenby Capital Limited - Nominated Adviser and Broker Jeremy Porter/James Reeve |
+44 (0)20 3328 5656 |
Yellow Jersey PR Limited - Financial PR Dominic Barretto/Anna Legge |
+44 (0)7747 788 221 |
About Trafalgar New Homes
Trafalgar New Homes is the holding company of Combe Bank Homes, a successful residential property developer operating in the southeast of England. The founders of Combe Bank Homes have a long track record of developing new and refurbished homes, principally in Kent. Combe Bank Homes was incorporated in 2006 and was acquired by ICAP Securities & Derivatives Exchange (ISDX) quoted Trafalgar New Homes in a reverse takeover on 11 November 2011.
The Group's focus is on the select acquisition of land for residential property development. The Group outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts. This enables the Group to tightly control its development and overhead costs.
The Group focuses on the regions of Kent, Surrey, Sussex and the M25 ring south of London and targets development sites of up to 20 homes, with sales prices typically ranging from £100,000 to £750,000 per unit, although larger projects are undertaken.
The Board believes that the Group occupies a niche position in the current market, between local builders and developers and the larger house building companies. The Board believes that the Group's relationships with its lenders enables it to secure competitive financing for its developments, allowing the Group to acquire and develop sites beyond the reach of smaller local builders and developers, but which are generally too small to be of serious interest to the larger property development companies. The Group also benefits from the experience and relationships of its management in its geographical market.
