28 Feb 2013 18:31
Formation Group Plc
Notice to Directors
The Company announces that in order to conserve cash, 6 months' notice has been given to Noel O'Carroll (Managing Director) and Desmond Khan (Finance Director) in accordance with their respective service contracts.
Messrs O'Carroll and Khan will continue to work on a full time basis during their notice period following which arrangements will be made to ensure that the Company has the appropriate expertise for the size of Company.
The Company has announced its results earlier today for the year to 30 August 2012 which also included the following statement:
"The Board remains confident of receiving the deferred consideration payments from Aldgate by January 2014 and look forward to future growth in the property sector and consolidating its cash position."
The Board will keep shareholders updated on developments.
Contact details:
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