Secured Property Developments Plc Result of General Meeting Reated Party Transaction
September 28 2016 - 12:29PM
UK Regulatory
TIDMSPD
SECURED PROPERTY DEVELOPMENTS PLC
Unit 6 ,Orchard Mews ,42 Orchard Road
Highgate, London N6 5TR
SECURED PROPERTY DEVELOPMENTS PLC
(The Company)
Date 28 September 2016
RELATED PARTY TRANSACTION
Further to the announcement made by The Company on 2 September 2016, and in
accordance with ISDX Growth Market Rule 55, The Company announces that at a
General Meeting of The Company held on 28 September 2016, the ordinary
resolution set out in the General Meeting Notice sent to shareholders (Ordinary
Resolution) was duly passed.
The Ordinary Resolution sought shareholders' approval for the provision of
development finance to Space Property Corporation Limited (Space Property) in
an aggregate amount of GBP600,000 (plus an amount in respect of interest) for a
term of 12 months at a rate of 10.2 per cent per annum secured by a
second-ranking legal mortgage on a freehold commercial property in York.
R. A. Shane is a director of The Company and owns 29.15 per cent of the issued
share capital of The Company.
R. A. Shane is also the sole director and controlling shareholder of Space
Property and as such the transaction is a related party transaction.
John Townsend, Chairman commented "We are pleased that the shareholders of The
Company have voted to approve the financing of this project in York and look
forward to generating a return on our funds whilst we pursue other
opportunities for The Company."
John Townsend
Chairman
Company No. 2055395
Registered office: as above
END
(END) Dow Jones Newswires
September 28, 2016 13:29 ET (17:29 GMT)