The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
FORMATION GROUP
PLC
('Formation' or the 'Company')
GBP10 million invested into Irish development
sites
Formation is pleased to announce that it is investing the £10m
raised by the Company in May 2019,
through its subsidiary Market Equities Limited (‘Market Equities’),
into a number of Irish property development sites.
The sites in Dublin, Limerick
and Kildare, Ireland, are at
various stages and are owned by companies previously wholly
controlled by Zandra Holdings Limited, a substantial shareholder in
the Company.
Pursuant to the transaction, Market Equities has acquired 100%
interests in the development sites through the issue of shares to
Zandra JV Limited (‘Zandra JV’), a company controlled by Zandra
Holdings Limited.
Following the transaction, Market Equities will be owned 55% by
Zandra JV and 45% by Formation. Market Equities has also acquired,
for a nominal consideration, Formation’s previously dormant
subsidiary, Formation Homes Ireland Limited, which will now be the
main contractor for the developments.
Related-party Transaction
David Kennedy and Patrick Kennedy are directors of Market Equities
Limited, Zandra Holdings Limited and Zandra JV Limited.
David Kennedy is the Chief
Executive Officer and Patrick
Kennedy is a Non-executive Director of Formation; therefore,
the transaction described above constitutes a related party
transaction pursuant to the NEX Exchange Growth Market Rules for
Issuers. David Kennedy and
Patrick Kennedy recused themselves
from discussions pertaining to the transaction
The Directors of the Company accept responsibility for the
contents of this announcement.
--ENDS--
Enquiries:
Formation Group
plc
Noel O’Carroll - Director |
Tel: +44 (0) 20 7920
7590 |
Peterhouse Capital
Limited (Corporate Adviser)
Mark Anwyl |
Tel: +44 (0) 20 7469
0934 |