4th Jul 2014 07:49
LONDON (Alliance News) - Formation Group PLC said Friday the total balance of GBP18.4 million owed related to the Aldgate East Property Development has been received by JV Finance Ventures Ltd, in which Formation holds a 36.88% interest.
Of the payment received by JV Finance, Formation expects an entitlement of GBP6.8 million. To date it has received GBP1.6 million. It has used GBP590,000 of this to fund the purchase of a property at 161 Iverson Road in April.
The remaining funds will be used to fund future purchases of development properties, or may be used as working capital.
Shares in Formation were trading up 30% at 1.88 pence Friday morning, making it the top gainer on AIM.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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