13 May 2014 07:00
13 May 2014
Formation Group PLC
("Formation" or "the Company")
Aldgate East Receipt and Loan Repayment
Formation Group PLC (AIM: FRM) is pleased to announce the receipt of an additional £1,000,000 in respect of the sums due from its investment in the Aldgate East Property Development. This brings the total received to date to £1,590,000 and includes the £590,000 used on the 161 Iverson Road purchase as previously announced on the 11 April 2014.
The Company has utilised a portion of these funds to repay the working capital loan relating to the development of 52-58 Commercial Road, London ("Whitechapel") referred to in its announcement of 14 February 2014. £100,040.53 has been applied in full and final settlement of this loan and it is now expected that the charge relating to the Whitechapel development will be released.
The balance of these funds will be used to fund future purchases of development properties.
Enquiries:
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