Further re Recovery of Deposi

RNS Number : 9794U

Off-Plan Fund Limited (The)

26 October 2010

 

AIM: OPF

26 October 2010

THE OFF-PLAN FUND LIMITED

(the "Fund")

Further re Recovery of Deposits - Canon House, Wallington

As announced in its interim results for the six months ended 31 March 2010, the Fund had made a provision in full for a £1.1 million deposit paid, relating to 118 properties, to Henry Homes (Wallington) Limited ("HHW") on the commencement of the Canon House project.  On 31 March 2010, HHW was subject to a winding up order and is now in insolvent liquidation. As a result of HHW's insolvent liquidation and as a beneficiary of the policies to cover such a situation, the Fund made a claim on 9 April 2010 to recover the entire amount of the deposit from the insurer, Zurich Insurance ("Zurich").

The Fund is pleased to announce that it has received confirmation from Zurich's solicitors that processing of the payments relating to each property will begin shortly. As a result of the number of properties involved in the claim, full payment of the £1.1 million sum insured is expected to take up to 3-4 weeks to complete. The Fund is working with Zurich to ensure that payments are made as quickly as possible and a further announcement will be made once all monies have been received.

Once the monies have been received the Directors of the Fund will determine more accurately the likely timetable for the conclusion of the process to wind up the Fund.  The Directors of the Fund will consider whether it is appropriate to make further partial redemptions or other forms of distribution to its Members when such announcement is made.

List of Contacts:

Development Capital Management

Andy Gardiner

Tom Pridmore

020 7355 7600

Merchant Securities Limited

(Nominated Adviser)

Bidhi Bhoma/Simon Clements

020 7628 2200

 

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