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(Alliance News) - Trafalgar Property Group PLC said Wednesday it intends to invest in the hydroponics vertical farming sector by adding an additional business unit alongside its existing property development operations.
Shares in the property investment firm were 12% lower at 0.12 pence on Wednesday in London.
Hydroponics maximises yield per acre on a reduced physical footprint with soil, and has the potential to address issues such as insufficient available agricultural land, degraded forest quality, and excessive forest clearance.
Trafalgar's existing property activities will continue, and the group will become a holding company for the property and hydroponics businesses.
Trafalgar said it will convene a general meeting on March 27, in order to gain shareholder approval for the increasing of the board's current authority to allot shares.
The group has the authority to allot shares generally for GBP244,000 in nominal amount and for cash at GBP97,500. Trafalgar is looking to increase both these authorities by a further GBP2.0 million.
The group has recommended that shareholders accept the proposals, and has already received undertakings from 61% of shareholders to vote in favour.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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