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DJ Secured Property Developments Plc Related Party Transaction ISDX Rule 55

 
TIDMSPD 
 
SECURED PROPERTY DEVELOPMENTS PLC 
 
                     Unit 6, Orchard Mews, 42 Orchard Road 
 
                            Highgate, London N6 5TR 
 
                       SECURED PROPERTY DEVELOPMENTS PLC 
 
                                 (The Company) 
 
Date 2 September 2016 
 
                           RELATED PARTY TRANSACTION 
 
In accordance with ISDX Growth Market Rule 55 The Company announces that it has 
agreed terms with Space Property Corporation Limited (Space Property) for the 
provision of development finance to Space Property in an aggregate amount of GBP 
600,000 (plus an amount in respect of interest) for a term of 12 months at a 
rate of 10.2 per cent per annum secured by a second-ranking legal mortgage on a 
freehold commercial property in York. 
 
R.A.Shane is a director of The Company and owns 29.15 per cent of the issued 
share capital of The Company. 
 
R.A.Shane is also the sole director and controlling shareholder of Space 
Property and as such the transaction is a related party transaction. 
 
The proposal to provide development finance to Space Property will be voted 
upon at a General Meeting of The Company, in accordance with section 200(2) of 
the Companies Act 2006, to be held at The Royal Automobile Club, 89 Pall Mall, 
London SW1Y 5HS on 28 September 2016. A further announcement will be made by 
The Company following the General Meeting. 
 
John Townsend, Chairman commented "We are pleased to have agreed terms to 
finance this project in York which will enable us to earn interest on our funds 
whilst we pursue other opportunities for The Company." 
 
John Townsend 
Chairman 
 
 
 
END 
 

(END) Dow Jones Newswires

September 02, 2016 07:00 ET (11:00 GMT)