14 Aug 2009 07:00
| For Immediate Release | 14 August 2009 |
THE OFF-PLAN FUND LIMITED
(the "Company" or "Fund")
Rescission of Purchase Agreements in respect of Canon House, Wallington
This rescission entitles the Fund to have the deposits it paid under the terms of the Agreements, amounting to £1.1 million in aggregate (the "Deposits"), repaid by HHW and releases the Fund from any further obligations in respect of the scheme.
In accordance with its contractual rights, the Fund is entitled to and will seek to secure the return of the Deposits as soon as is practicable. Should HHW fail to repay the Deposits within 7 days the Fund may elect to petition for HHW to be wound-up and thereby ultimately trigger the repayment of any outstanding amount by Zurich Insurance Company (trading as Zurich Municipal) which has guaranteed the return of the Deposits to the Fund in the event of such a winding-up.
The Fund will also, in accordance with its contractual rights, seek to secure the return of the sum of £3 million held by AIB Bank (CI) Limited ("AIB") as collateral for a completion guarantee provided by AIB to HHW's lending bank in respect of the Fund's obligations under the Agreements, now rescinded.
This process is likely to take a number of weeks depending upon the actions of relevant third parties and there will be a further announcement in due course.
List of Contacts:
John East & Partners Limited, a
subsidiary of Merchant Securities Plc
(Nominated Adviser)
Bidhi Bhoma/Simon Clements
020 7628 2200
Buchanan Communications
Charles Ryland
Isabel Podda
020 7466 5000
Audioboom Grp. (BOOM)