28th May 2019 10:00
LONDON (Alliance News) - Trafalgar Property Group PLC said Tuesday it has raised GBP250,000 through a placing, which will go towards funding new and existing development projects, as well as provide additional working capital.
In addition, Trafalgar also announced that it has promoted Paul Treadaway as chief executive officer and executive director with immediate effect.
Treadaway will be replacing CEO Chris Johnson and Executive Director Alex Johnson, who have both stepped down with immediate effect.
Treadaway is currently land director for the group's business Trafalgar Retirement + Ltd, joining in March 2018 after the business known then as Beaufort Homes Ltd was acquired by Trafalgar Property in an all-share transaction.
Treadway co-founded Beaufort Homes in 2016.
The property developer issued 62.5 million shares at a price of 0.4 pence per share, reflecting a 33% discount to Trafalgar's closing price of 0.6p on Friday last week.
Shares in Trafalgar Property were 42% lower at 0.35 pence on Tuesday.
Trafalgar Property had appointed Spark Advisory Partners Ltd as nominated adviser and Peterhouse Capital Ltd as its sole broker, the latter of which acted in connection with the placing.
"The placing, together with our trading in the current year, gives us the working capital to obtain planning permission on various sites that we hold under option. Our principal focus will be on the development of our new Camberley assisted-living project. We are also delighted to welcome Paul to the board, his experience and understanding of this sector will be a valuable addition," said Chair James Dubois.
Trafalgar Property Group now has 487.7 million shares issued overall.
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