RNS Number : 9881F
Trafalgar New Homes PLC
27 February 2018
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain
27 February 2018
TRAFALGAR NEW HOMES PLC
("Trafalgar", the "Company" or "Group")
Proposed acquisition of Beaufort Homes Ltd, proposed change of name and notice of General Meeting
Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Beaufort Homes Limited ("Beaufort Homes") (the "Acquisition"). The consideration for the Acquisition will be satisfied through the issue of 186,815,190 ordinary shares in the Company (the "Consideration Shares") to the owners of Beaufort Homes. The Company will shortly be posting to shareholders a circular (the "Circular") to convene a general meeting of shareholders (the "General Meeting") at which the Company will seek, inter alia, an increase in its share authorities to enable the issue of the Consideration Shares.
Beaufort Homes was established in October 2016 and has signed a number of option agreements for the acquisition of sites in southeast England which, subject to securing planning permission, would be developed into extra care and assisted living schemes. The UK population is aging, leading to a growing demand for specialised housing for the elderly, and an increasingly favourable planning environment. Beaufort intends to develop units for purchase by owners, who would then receive extra care in their own homes.
At the General Meeting, the Company will also be seeking shareholder approval for a change in the Company's name to Trafalgar Property Group plc, in order to more accurately reflect the strategy of the enlarged group, as well as seeking approval for a share capital reorganisation. Extracts from the Circular, which include further details on Beaufort Homes, the Acquisition, the proposed change of name and the share capital reorganisaiton are included below. A copy of the Circular will shortly be made available from the Company's website, www.trafalgarnewhomes.co.uk.
Notice of general meeting
The general meeting will be held at the offices of Allenby Capital Limited, 5 St. Helen's Place, London, EC3A 6AB at 10:00 a.m. on 16 March 2018.
Commenting on the acquisition, CEO, Chris Johnson, said: "The Board believes that the acquisition of Beaufort Homes will be transformational for the business. The team at Beaufort Homes has an extensive track record and the acquisition, which brings with it a number of exciting development opportunities, is a logical step given the UK's growing retirement demographic and the increasing demand for assisted living properties."
Enquiries:
Trafalgar New Homes Plc
Christopher Johnso
+44 (0) 1732 700 000
Allenby Capital Ltd -
Jeremy Porter/James Reeve
+44 (0) 20 3328 5656
Yellow Jersey PR Limited
Charles Goodwin / Abena Affum
+44 (0) 7747 788 221
DOWNLOAD THE FULL ANNOUNCEMENT HERE