27 February
2017
FORMATION GROUP
PLC
('Formation' or the 'Company')
Result of AGM;
Consolidation of Share Capital
Formation Group PLC (NEX: FRM), the property development and
project management company, announces that at the Annual
General Meeting of the Company held earlier today, all resolutions
were duly passed.
Accordingly, the share capital of the Company will be
consolidated (the "Share Consolidation"). Under the Share
Consolidation, every 5 existing ordinary shares of 1 pence each in the Company (“Existing Ordinary
Shares”) in issue at the close of business on the Record Date of
27 February 2017, will be
consolidated into one new ordinary share of 5 pence each in the Company (a “Consolidated
Ordinary Share”).
Shareholders who hold their Existing Ordinary Shares in
uncertificated form are expected to have their CREST accounts
credited with Consolidated Ordinary Shares on 28 February 2017. Existing share certificates
will cease to be valid following the Share Consolidation. New share
certificates are expected to be issued by 7
March 2017.
Trading in the Consolidated Ordinary Shares on the NEX Exchange
Growth Market is expected to commence at 8.00am on 28 February
2017.
Following completion of Share Consolidation, the Company will
have 44,103,023 ordinary shares of 5
pence each in issue carrying voting rights. The Company’s
new ISIN will be GB00BYXQZ969.
The directors of the Company accept responsibility for the
contents of this announcement.
--END--
Enquiries:
Formation Group
plc
David Kennedy, Chief Executive Officer |
Tel: +44 (0) 20 7920
7590 |
Peterhouse Corporate
Finance Limited (Corporate Adviser)
Fungai Ndoro and Mark Anwyl |
Tel: +44 (0) 20 7469
0930 |
Formation Group Plc (NEX: FRM), headquartered in East London, is an NEX Exchange Growth Market
traded Company focused on property development and project
management services for medium and large scale building projects in
London and the City periphery.
The Company’s portfolio includes both new build and conversion
projects, and is also diversified through a limited exposure to
commercial work and the rental sector.
The management team combines significant Plc experience with
property expertise. The Company is well positioned to exploit a
buoyant London residential
property market, and believes that the newly added property
development division will form a substantial part of its
profitability in the future.