Further Refinancing of Debt

RNS Number : 7865K

Trafalgar Property Group PLC

30 August 2019

 

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	[phone]
SPARK Advisory Partners Limited - AIM Nominated Adviser Matt Davis	[phone]
Peterhouse Capital Limited - Broker	[phone]
Duncan Vasey/Lucy Williams

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

 

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