Defined terms used but not defined in this announcement have the same meanings as set out in the Update regarding Camberley Development Site announcement released on 25 June 2019.
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Further Update regarding Camberley Development Site
Further to the announcement of 25 June 2019, Trafalgar (AIM: TRAF), the AIM quoted residential and assisted living property developer, announces that it has not been possible in the required timeframe to secure the full funding to acquire its assisted living development site Camberley.
Negotiations with lending institutions had been taking place, however terms could not be definitely agreed before the 9th July 2019 deadline required to complete the acquisition of the site. As such, the Company announces that it has now lost the non-refundable deposit of £230,000 paid on exchange of Contracts.
The Company remains focused on pursuing its retirement home strategy. It's residential subsidiary, Trafalgar New Homes is pleased to announce that planning has been lodged for its Epsom and Ashtead schemes and expects to submit planning for its Send Barns scheme later this week. Should planning be approved, the Company will seek the necessary development funding.
Commenting James Dubois, Chairman of Trafalgar said:
"Whilst it is regrettable that the Company has not been able to secure appropriate funding for the Camberley site, the Board remains absolutely committed to pursuing its strategy in retirement homes and is actively targeting other prospective sites for development".
Enquiries:
Trafalgar Property Group plc James Dubois |
+44 (0) 7899 995 421 |
SPARK Advisory Partners Limited - AIM Nominated Adviser Matt Davis |
+44 (0) 203 368 3550 |
Peterhouse Capital Limited - Broker |
+44 (0) 20 7409 0930 |
Duncan Vasey/Lucy Williams |
|
Yellow Jersey PR Limited Charles Goodwin |
+44 (0) 7747 788 221 |
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.
Notes to Editors:
Trafalgar Property Group plc
For further information visit www.trafalgarproperty.group
