StockMarketWire.com - Formation Group says Julius Properties Limited has completed the sale of the property development above Aldgate East Station in east London to a national housebuilder.
The completion has enabled the contingent liability, relating to Formation's guarantee to assist JPL in repaying Aldgate East Property Company Limited a maximum of £11.6m in respect of capital and interest on loan notes, to be extinguished.
Formation's directors also anticipate that JPL will, after receipt of the deferred element of the consideration, be able to substantially repay the loans provided by JV Finance Ventures Limited, the special purpose vehicle set up by Formation and JV Finance Limited in which Formation has a 36.88% equity interest.
Formation has outstanding loans to JV Finance Ventures Limited of £6.7m.
The loans attract interest of 10% per annum and the directors anticipate that these would be substantially repaid if the JPL loans are repaid in due course.
At 2:39pm: (LON:FRM) Formation Group share price was +0.13p at 1.88p
Story provided by StockMarketWire.com
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