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Yes 2p probably more once funds are actually received - at the very least a good trading share
where do you see this going? Value seems to be 2p plus?
I may dabble this am.
look at the cash coming babbler..... JonC 28 Feb'14 - 07:41 - 297 of 297 0 0 The other significant point in the accounts is that the Co did not "hand back" the two subsidiaries to the lenders as previously announce but are still holding them for sale. With the recovery in house prices these may now be disposed of for a profit.
Was in here before but very nice. 2,4m mcap for this? The Group has continued its drive to cut overheads in order to ensure a lean cost base going forward. · Group Revenues have grown by 148% this year from £2.359m to £5.849m on the back of an increasing workload driven by the current strong London property market. We look forward to continued growth over the coming year with various work contracts in place and further commitments anticipated over the coming months. · The trading results for the year have improved, after allowing for the share of joint venture profits of £1.243m last year, with Group revenue from continuing operations increasing to £5.84 million (2012 £2.4 million). This has resulted in a loss before taxation and exceptional items from continuing operations of £0.24 million (2012 loss: £0.54 million). The Directors believe that that is a better comparison of year on year results as it omits the exceptional one off item (being the share of joint venture profits) for the year ended 31 August 2012. · An RNS post year end on 5th February 2014 on Aldgate announced that Julius Properties Limited were involved in a legal dispute with Redrow Homes Limited over a title issue relating to the property at No 1 Commercial Street, London E1. This situation casts doubt upon Julius Properties Limited's ability to repay JV Finance Ventures Limited's investment into Aldgate. However, it is anticipated that Formation Group will be in receipt of the majority of these funds by June 2014. The directors are of the belief that this is unlikely to have any consequence on the ability of the Group to continue as a going concern. · Net proceeds received from profit share in Whitechapel of £413,000 which was used to reduce the working capital loan. · The primary focus of the Group now remains on consolidation and the property sector.
you are the man!
Positive outlook - expects the majority of the disputed proceeds by June? Might see some share price recovery here now
If you call him yourself he can clarify the same - it will take 5 minutes Ross Andrews 0161 831 1512
Ridder, It was me that spoke to the broker - here is my post from advfn & it's not a P&D - some investors make calls to the BoD's or NOMAD's of co's they own shares in for clarification purposes I called Zeus Capital Limited & spoke to Ross Andrews 0161 831 1512 regarding this case. He confirmed that Redrow have paid in Escrow a/c to FRM £3.6m ( which will be paid to them in April - May & June 2014 payments) the amount o/s is £2.64m & after speaking to the co & legal advisers that this will be resolved out of court & that FRM's accounts due end of Feb 14 will have more details about this case If anyone wants to confirm this case please call him about this
Here and elsewhere - sold some now to add elsewhere but might add again later gla
Interesting - so neg trades only - note the buying is continuing again today. IF monies are received then returning to 2p s/b feasible - still high risk though gl
Cannot even buy £50 worth.
All buys today - results due - possible out of court discussions perhaps?
Yes good news relating to 52-58 Commercial Road... with regards to 1 Commercial Road, there is an interesting post on Advfn .also GC asap..
14 February 2014 Formation Group Plc Part Payment of Whitechapel Development Profit Share and Partial Repayment of Working Capital Loan Formation Group plc (AIM: FRM) ("Formation" or the "Company") is pleased to announce that proceeds of GBP501,000.00 from the profits due to Formation arising from its profit sharing agreement in the residential and commercial development at 52-58 Commercial Road, London E1 1LP ("Whitechapel") has been received. These proceeds were utilised to reduce its working capital loan with the Kennedy Family Discretionary Settlement (the "Lender") in accordance with the arrangements previously announced on the 5th June, 2013 and 29th August, 2013. Following the repayment, the outstanding balance on the loan was GBP97,842.42.The interest payable on the loan is 10 per cent. per annum and as security for the loan, Formation granted the Lender a registered charge over its share of the net profit due to Formation arising from the residential and commercial development at Whitechapel. Contact details: Formation Group PLC - David Kennedy; Chief Executive Officer - 020 7920 7590 NOMAD to Formation Group PLC; Zeus Capital Limited - Ross Andrews / Andrew Jones - 0161 831 1512 This information is provided by RNS
Thanks watching closely for an exit price (say 1.2p) perhaps being P&D over on Advfn? (can't tell because my mobile is being repaired so no access to the app and can't access at work)..
I couldn't have timed my purchase better if I tired!
Appears oversold imo so got a very small amount at 0.78p.. although the £6 million proceeds is in dispute there is no guarantee FRM will lose their case or not still receive a penny. There is also an underlying business which may be recovering - results due this month. Definitely not a share for widows, orphans or Joe Bloggs but perhaps for an quick trade? The court case isn't going to happen overnight...
Something seems to be cooking... as the sudden share price movement is .... significant...
So quiet here considering! Sold WAAAAAAAAAYYYYYYYYY too early it seems.
Another one I sold too early! lmao!
Movement - but only closing the spread? Could emulate the rise to 1.8p again soon perhaps.
tick up due again soon,ya...... but who are these?lol...
1 mill buy at 1.3p that is good yah!
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