Trafalgar Property Group PLC Director loan (4197Z)
August 31 2018 - 4:52AM
UK Regulatory
TIDMTRAF
RNS Number : 4197Z
Trafalgar Property Group PLC
31 August 2018
31 August 2018
Trafalgar Property Group plc
(the "Company")
Director loan
Trafalgar Property Group plc (AIM: TRAF), the AIM quoted
residential and assisted living property developer, today provides
an update on its director loan from Chris Johnson, Chief Executive,
to the Company's subsidiary, Trafalgar New Homes Limited (the "TNH
Loan").
The TNH Loan was entered into on 27 June 2013 for working
capital purposes. Under the terms of the TNH Loan, Mr Johnson is
entitled to receive interest of 5% per annum, payable annually in
arrears and Mr Johnson has agreed the interest charge would only
apply on amounts drawn up to GBP2 million. The outstanding balance
on the TNH Loan currently stands at GBP2,170,657 and was repayable
by 31 August 2018.
Mr Johnson has today agreed to extend the repayment date of the
TNH Loan to 30 September 2019 and waive the interest payments due
for the financial years ended 31 March 2018 and 31 March 2019,
which would have totalled GBP200,000.
TNH will make repayments or drawings on the TNH Loan
periodically, depending on its working capital requirements and Mr
Johnson has confirmed he will continue to support the Company's
working capital requirements as needed.
These amendments to the TNH Loan are a related party transaction
under the AIM Rules for Companies. Accordingly, the independent
directors of the Company consider, having consulted with Allenby
Capital Limited, the Company's Nominated Adviser, that the terms of
the transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
Enquiries:
Trafalgar Property Group plc
Christopher Johnson +44 (0)1732 700 000
Allenby Capital Ltd - Nominated Adviser
and Broker
Jeremy Porter/James Reeve +44 (0)20 3328 5656
Yellow Jersey PR Limited
Charles Goodwin / Abena Affum +44 (0)7825 916 715
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END
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