LONDON (Alliance News) - Formation Group PLC Tuesday noted the movement in its share price and said it "hopes" to be in a position to sign a definitive agreement "imminently" regarding a commercial agreement it has been discussing for some time.
The construction management service company's shares were up 34% to 7.05 pence per share on Tuesday afternoon.
"The company has been in discussion for some time regarding a commercial agreement on a development site and hopes to be in a position to sign a definitive agreement imminently. A further announcement regarding this agreement will be made in due course but shareholders should be aware that whilst negotiations are at a very advanced stage there can be no guarantee that the agreement will be entered into in its current form or at all," said the company in a statement.
No other details were released by the company and Formation said it would release a further update in due course.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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