14th Feb 2014 10:29
LONDON (Alliance News) - Formation Group PLC saw its shares rise Friday after it said it had received GBP501,000 from its profit sharing agreement on a property in Commercial Road, London, and had used the money to reduce its working capital loan with the Kennedy Family Discretionary Settlement.
In a statement, Formation said it now has GBP97,842.42 outstanding on the loan. It is paying 10% a year interest.
The use of profits from the Commercial Road property to pay down the loan was part of the laon agreements.
Formation shares were up 8% at 1.08 pence Friday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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