5 Oct 2015 12:00
Formation Group PLC
("Formation" or the "Company")
Trading update
On 29 May 2015 Formation published its unaudited interim results for the six months ended 28 February 2015. Included within the Company's consolidated balance sheet were loans in relation to two subsidiaries, FG (Bradford) Limited and FG (Bristol) Limited, amounting to, in aggregate, £4.331 million, which were secured against two properties.
The directors of Formation are pleased to announce that the Company has now disposed of these properties which were held under a non-recourse funding agreement with Dunbar Assets Plc. The consideration received on the sale of both properties, net of sale costs, will be utilised to settle in full the loan liability referred to above. The directors of Formation anticipate that this will have the net positive effect to the Company's balance sheet of a write-back on the loans of approximately £1.05m.
Formation's financial year ended on 31 August 2015 and the Company hopes to publish its audited accounts for this period by 31 January 2016
FOR FURTHER INFORMATION PLEASE CONTACT:
Formation Group Plc
David Kennedy - Chief Executive Officer 020 7920 7590
Northland Capital Partners Limited - Nominated Adviser
William Vandyk / Gerry Beaney 020 7382 1100
Peterhouse Corporate Finance Limited - Broker
Duncan Vasey / Fungai Ndoro 020 7469 0930