LONDON (Alliance News) - Formation Group PLC said Monday it expects to report a GBP1.05 million gain on its balance sheet from the write-back of loans.
Formation had included loans in relation to two subsidiaries in its interim results in May, which amounted to GBP4.3 million in total and were secured against two properties.
It has subsequently sold those properties, and the consideration from the sales will be used to settle its loan liability.
Formation expects to publish its results for the year to end-August by the end of January 2016.
Shares in Formation Group were down 0.3% at 8.10 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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