11th Mar 2015 08:31
LONDON (Alliance News) - Formation Group PLC said Wednesday that it has received the final GBP2.8 million it was due from JV Finance Ventures Ltd in relation to the Aldgate East Property development, and plans to use these funds to fund its participate in, or buy, development properties.
Shares in Formation are trading up 58% at 2.60 pence on the back of the news, having touched a new 52-week high of 2.85p at the open.
Formation has a 36.88% interest in JV Finance Ventures. JV Finance Ventures has received a total of GBP18.4 million from housebuilder Redrow PLC in relation to the development, and as a result Formation has now received a full and final settlement of GBP6.85 million.
GBP2.4 million of the funds it has received has been put towards its purchase of a property at 161 Iverson Road last April, and GBP610,000 has been used to pay expenses and interest.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
FRM.LRDW.L