4 Jul 2014 07:00
4 July 2014
Formation Group PLC
("Formation" or "the Company")
Aldgate East Remittance Update
Formation Group PLC (AIM: FRM) is pleased to announce that, further to the results announcement issued on 30 May 14, the Company understands that all monies, amounting to approximately £18.4 million, due from Redrow in connection with the Aldgate East Property Development have been received by JV Finance Ventures Limited "JV". The Company holds a 36.88% interest in JV and therefore its proportionate entitlement is expected to be approximately £6.8 million.
To date the Company has received £1,590,000 which includes the £590,000 used on the 161 Iverson Road purchase as announced on the 11 April 2014. The balance of the funds subject to the entitlement are to be used to fund future purchases of development properties which will be made through JV or may be remitted to support the working capital requirements of the Company.
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