Last checked at 30 Aug 2019 17:22
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Further Refinancing of Debt
Trafalgar (AIM: TRAF), the AIM quoted residential and assisted living property developer, is pleased to announce that it has secured financing from Susan Johnson, the wife of Chris Johnson, a 38.31% shareholder and former director of the Company (the "Facility").
The Company has been seeking the necessary funding from third parties but was unable to do so in the necessary timeframe, the Facility is therefore the only source of current funding available to it.
Under the Facility, Susan Johnson has provided a loan of £380,000 at an interest rate of 5 per cent per annum repayable on 28 February 2020. The proceeds of the Facility will be used to repay the Company's current loans on flats 3 and 5 Burnside Close, upon which the Facility will be secured on.
Related Party Transaction
As Susan Johnson is the wife of Chris Johnson, the Refinancing is regarded as a related party transaction under the AIM Rules. The directors of the Company, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, consider that the terms of the Refinancing are fair and reasonable insofar as Trafalgar's shareholders are concerned.
Enquiries:
Trafalgar Property Group plc James Dubois
| +44 (0) 7899 995 421 |
SPARK Advisory Partners Limited - AIM Nominated Adviser Matt Davis
| +44 (0) 203 368 3550 |
Peterhouse Capital Limited - Broker | +44 (0) 20 7409 0930 |
Duncan Vasey/Lucy Williams
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Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
Notes to Editors:
Trafalgar Property Group plc
For further information visit www.trafalgarproperty.group