10th May 2019 17:22
LONDON (Alliance News) - Residential and assisted living property developer Trafalgar Property Group PLC said Friday Chief Executive Chris Johnson and Executive Director Alex Johnson will be stepping down from the company's board.
Trafalgar Property said it has identified replacement directors and will be seeking their appointment as soon as possible.
The Johnson's are stepping down from the board to focus on the company's residential property subsidiary as the company itself heads in the opposite direction by upping its focus on its assisted living retirement business.
Chris Johnson holds a 44% interest in the company and he has confirmed he has no intention of selling any shares for the foreseeable future.
Chris Johnson has also confirmed he will continue to provide financial support to the company through the loan facility he provides the company's residential property subsidiary, Trafalgar New Homes Ltd.
He has extended the loan repayment date to May 2020, with the outstanding balance currently GBP2.2 million.
Shares in Trafalgar Property were untraded Friday but last closed at 0.67 pence each.
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