5 Mar 2010 10:21
| Press Release | 5 March 2010 |
Telford Homes Plc
("Telford Homes" or the "Company")
Result of General Meeting
Telford Homes Plc (AIM: TEF), the residential property developer in East London noted for regeneration projects within public sector partnerships, announces that all resolutions were passed at a general meeting of the Company held earlier today. As a result, the placing of 9,375,000 new Ordinary Shares of 10 pence each at a placing price of 80 pence per share ("Placing Shares") to raise £7.5 million, before expenses, for the Company announced on 18 February 2010 has now completed subject to admission of the Placing Shares to trading on AIM. It is expected that admission of the Placing Shares to AIM will become effective and dealings will commence on 8 March 2010.
Following the issue of the Placing Shares, the issued share capital comprises 49,775,000 Ordinary Shares of 10 pence each.
- Ends -
For further information:
| Telford Homes Plc |
|
| Andrew Wiseman, Chief Executive | Tel: +44 (0) 1992 809 800 |
| Jon Di-Stefano, Financial Director | www.telfordhomes.plc.uk |
| Shore Capital |
|
| Graham Shore/Pascal Keane | Tel: +44 (0) 20 7408 4090 |
Media enquiries:
| Abchurch |
|
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7709 |
| joanne.shears@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
Telford Homes is an established residential property developer focusing on the regeneration of brownfield sites in the East and North London area. The Group's strong public sector partnerships afford it a certain level of security of sales before commencing development. Whilst the majority of every scheme is residential, often some commercial units are required as a condition of the planning consent, which may be used for office space, retail units, or community facilities.
The Group's successful record of selling properties at an early stage in the development allows greater visibility. Telford Homes also has an excellent track record of working with housing associations and has forged many strong relationships, and typically part of every development is sold for affordable housing. The Group's affiliations with housing associations in the area have meant that during this downturn in the open housing market the Group is able to deliver some developments as 100% affordable housing schemes.
Telford Homes has secured grant funding of £73 million from the Homes and Communities Agency ("HCA") across five of Telford's own sites and three estate regeneration partnership projects with Eastend Homes. This funding enables the Group to develop affordable housing sites with sales to housing associations already secured.
For further information, please see www.telfordhomes.plc.uk