Agreement reached on Aldgate East Property Development
As part of its results announcement on 28 February 2014, Formation made the following announcement "An RNS post year end on 5th February 2014 on Aldgate announced that Julius Properties Limited ("JPL") were involved in a legal dispute with Redrow Homes Limited ("Redrow") over a title issue relating to the property at No 1 Commercial Street, London E1. This situation casts doubt upon JPL's ability to repay JV Finance Ventures Limited's ("JV") investment into Aldgate. However, it is anticipated that Formation will be in receipt of the majority of these funds by June 2014."
The Company is now pleased to announce that it has now been informed by JPL that agreement has been reached with Redrow. As a result of this, the first three instalments due under the agreement have been received by JV and confirmation has been received that the remaining sums due in April, May and June 2014 will be paid to JV in accordance with the terms of the original agreement.
The Company will continue to update shareholders on developments as appropriate.
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