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22 May 2009 16:50
RNS Number : 7513S
Pathfinder Properties PLC
22 May 2009
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22Ā MayĀ 2009Ā Ā
PATHFINDER PROPERTIESĀ PLC
("Pathfinder" or the "Company")
Trading Update
The Company provides the following update on the business:
Further to the approval of Shareholders at the Extraordinary General Meeting on 15 September 2008, the CompanyĀ has completed the Disposals of the Ilford site and Newark Brewery siteĀ to acquisition vehicle(s) of Gerard Lee, a director and 16.6% shareholder of the Company.Ā The Ilford site,Ā which was agreed to be sold for Ā£3,500,000 equivalent to the debt of Ā£2,230,000Ā dueĀ to TheĀ RoyalĀ Bank of ScotlandĀ and other development related debtĀ provided by two of the directorsĀ of Ā£1,356,273, was completed by means of the transfer of the company holding both the property and the debt (on a non-recourse basis).Ā As a result of the transactionĀ debt of Ā£3,586,273 was repaid.Ā The sale ofĀ theĀ Victorian Brewery at theĀ NewarkĀ development was similarly completed by the sale of the company holding only the property for the agreed purchase consideration of Ā£500,000.Ā TheĀ net proceeds of around Ā£600,000 received by Pathfinder,Ā combined with the receiptĀ of the Ā£900,000 bond from the council,Ā have been used toĀ financeĀ theĀ River Edge and Road Frontage developments at the Newark siteĀ and also to pay down the outstanding debt held in relation to the Newark site from approximately Ā£3,600,000 to Ā£2,900,000.
PathfinderĀ hasĀ thereforeĀ progressed the River Edge and Road Frontage developments to a stage sufficient to retain the planning permissions, but the Company is not currently undertaking any further work.
TheĀ CompanyĀ is reviewing its futureĀ as a property development companyĀ in the current market, and is considering a range of optionsĀ with a view to putting a proposal toĀ ShareholderĀ for approval when appropriate.Ā
The Report and Accounts for the year to December 31 2008Ā is required toĀ be published by 30 June 2009.
Contact: Gerry Lee, PathfinderĀ Properties plc on 020 8731 0110
Edward Azouz, Pathfinder Properties plc on 020 7603 7495
RolandĀ Cornish, Beaumont Cornish Limited on 020 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
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