21 Apr 2008 07:00
Trust Property Management Group plc (`Trust' or `the Company')
New contract and issue of equity
Trust Property Management Group plc, the AIM listed property management and chartered surveying services group, has, through its wholly owned subsidiary Trust Property Management Limited, acquired a contract to manage a portfolio of 215 flats in north-west London from Safeland Investments Limited, a wholly owned subsidiary of Safeland Plc (`Safeland'). Trust Property Management Limited has agreed to pay Safeland Investments Limited ‚£100,000 (plus VAT) in consideration for the appointment. The properties, which under the terms of the agreement Trust will manage for an 80 year period, are expected to generate an annual fee income of approximately ‚£70,000.
Trust CEO Benjamin Mire said,"As well as increasing the number of properties in our management portfolio and strengthening our fee income, this agreement also reinforces our mutually beneficial relationship with Safeland."
Issue of equity
Safeland has subscribed in cash for, and been allotted, 1,111,111 new ordinary shares of 1 pence each in the Company (the `Shares'), at a price of 9p per share. Application will shortly be made to the London Stock Exchange for the Shares to be admitted to trading on AIM. Trading is expected to commence on 24 April 2008. The Shares will rank pari passu with the existing ordinary shares in the Company.
Subsequent to the issue of the Shares, the enlarged issued share capital of the Company will comprise of 37,693,748 ordinary shares of 1 pence each.
Larry Lipman, a director of the Company, is also a director of, and shareholder of Safeland.
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For further information visit www.tpmgroupplc.co.uk or contact:
Julian Finegold, Director Tel: 0845 260 1515 Trust Property Management Group Plc Liam Murray, Nominated Adviser Tel: 020 7492 4777 Dowgate Capital Advisors Limited
David Morgan / David Coffman Tel: 020 7747 7400 IAF Securities Limited
Isabel Crossley / Susie Callear Tel: 020 7236 1177
St Brides Media and Finance Note to Editors:
Trust Property Management Group plc, which floated on AIM in March 2007, is a provider of professional property management and chartered surveying services, with over 14,000 residential and commercial units under management. The management believe that the Company is well positioned to take advantage of the fragmented property management and surveying market through the consolidation of its four key subsidiaries: Trust Property Management Limited, which undertakes residential property management services; Dexter Brown Limited which sources and manages commercial investment property; Trust Credit Services Limited, which is a licensed credit facilities provider enabling tenants to spread cost of ground rents and service charges; and Skylon Limited, which provides a wide range of chartered surveying services.
The Company has a highly experienced management team including David Glass, the founder of David Glass Associates which floated on AIM in November 1995; Benjamin Mire, a Chairman of the Leasehold Valuation Tribunal and former Director at Lee Baron Commercial Limited; Dr Julian Finegold, co-founder of Trust Property Management Limited and former business and sales manager at IBM UK; Larry Lipman, a well-known entrepreneur in the property sector and Trevor Brown, founder of niche commercial property management company Dexter Brown Limited, which was acquired by the Company in October 2007.
Safeland Plc, established in 1986 by Raymond Lipman and his family, specialises in property trading, refurbishment, development and investment. Its core business consists of investing in, developing, and managing property in the UK and Europe, primarily focussing on commercial and residential properties in and around London. Its managing director, Larry Lipman, is also on the main board of Trust.
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