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Profit Share Receipt and Partail Loan Repayment

29 Aug 2013 07:00

RNS Number : 6903M
Formation Group PLC
29 August 2013
 



Formation Group Plc

Part Payment of Whitechapel Development Profit Share

and Partial Repayment of Working Capital Loan

 

Formation Group plc (AIM: FRM) ("Formation" or the "Company") is pleased to announce that proceeds of £412,676, representing the partial net profit due to Formation arising from its profit sharing agreement in the residential and commercial development at 52-58 Commercial Road, London E1 1LP ("Whitechapel"),have been utilised to reduce its working capital loan with the Kennedy Family Discretionary Settlement (the "Lender") in accordance with the arrangements previously announced on the 5th June, 2013. 

Following the repayment, the outstanding balance on the loan was £566,109.The interest payable on the loan is 10 per cent. per annum and as security for the loan, Formation granted the Lender a registered charge over its share of the net profit due to Formation arising from the residential and commercial development at Whitechapel.

 

Contact details:

Formation Group Plc: 

David Kennedy, Chief Executive Officer - 020 7920 7590

 

NOMAD to Formation Group Plc:

Zeus Capital Limited - Ross Andrews / Andrew Jones - 0161 831 1512

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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