11th Feb 2014 12:11
LONDON (Alliance News) - Health and community-care property partner Ashley House PLC Tuesday said it will be paid all outstanding money it was owed after a LIFT scheme in partnership with the NHS in the Midlands was aborted.
LIFT refers to the Local Improvement Finance Trust, which was established in 2001 as a means of improving primary health and social care in the UK.
Ashley House has already received part payment of the monies owed and now expects to paid the rest this week. The exact amount of the latest payment was not disclosed. However, in January, Ashley House said total payments due for the LIFT scheme were in excess of GBP3 million.
This means Ashley House will have cleared all items of accrued income or outstanding payment from its balance sheet that were significantly impacted by the abolition of the primary care trust (PCT).
PCT's were a type of NHS trust, largely responsible for commissioning primary community and secondary health services from providers until they were abolished in March last year.
In a separate note, Ashley House said it has entered into a facility for the provision of development finance with Novus Lending Ltd, a company advised by Rockpool Investments LLP.
The facility has been put in place to support the company's expanding development activity and is for a maximum amount of GBP2.0 million over a two and half year term. An initial GBP600,000 has already been drawn to support the purchase of two pieces of land and associated development work already underway.
Chief Executive, Jonathan Holmes, said the deal will provide the firm with flexible financing that "will help us deliver our expanding pipeline."
Ashley House has submitted planning applications for three schemes, while planing approval has been received on one of six health schemes in its pipeline. It is now awaiting a decision concerning the five remaining schemes.
The company said it is working to complete negotiations, agreements and legal documents on these schemes.
"If the schedules on these workstreams are met prior to the year end, the company will meet market expectations for the current year," Ashely House said.
The stock was trading at 18.88 pence, down 2.37 pence, or 11%, making it one of the biggest fallers on AIM Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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