11 Mar 2015 07:00
11 March 2015
Formation Group PLC
("Formation" or "the Company")
Aldgate East Remittance Update
Formation Group plc ("Formation") is pleased to announce that the balance of funds due from JV Finance Ventures Limited, amounting to £2.82 million, have been received and will be used to fund future participation in, or purchases of, development properties.
JV Finance Ventures Limited, in which Formation has a 36.88% interest, received a total of £18.40 million from Redrow in connection with the Aldgate East Property Development.
In total, including the £2.82 million referred to above, Formation has received £6.85 million from JV Finance Ventures Limited, representing full and final settlement of all amounts due. £2.41 million of the receipt from JV Finance Ventures Limited has been used in the purchase of the Iverson Road development, £0.61 million utilised to pay expenses and interest, and the balance received in cash by 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