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DJ Formation Group Plc Investment in Irish Development Sites

 
TIDMFRM 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014 ("MAR"). 
 
                              FORMATION GROUP PLC 
 
                        ('Formation' or the 'Company') 
 
              GBP10 million invested into Irish development sites 
 
Formation is pleased to announce that it is investing the GBP10m raised by the 
Company in May 2019, through its subsidiary Market Equities Limited ('Market 
Equities'), into a number of Irish property development sites. 
 
The sites in Dublin, Limerick and Kildare, Ireland, are at various stages and 
are owned by companies previously wholly controlled by Zandra Holdings Limited, 
a substantial shareholder in the Company. 
 
Pursuant to the transaction, Market Equities has acquired 100% interests in the 
development sites through the issue of shares to Zandra JV Limited ('Zandra 
JV'), a company controlled by Zandra Holdings Limited. 
 
Following the transaction, Market Equities will be owned 55% by Zandra JV and 
45% by Formation. Market Equities has also acquired, for a nominal 
consideration, Formation's previously dormant subsidiary, Formation Homes 
Ireland Limited, which will now be the main contractor for the developments. 
 
Related-party Transaction 
 
David Kennedy and Patrick Kennedy are directors of Market Equities Limited, 
Zandra Holdings Limited and Zandra JV Limited. 
 
David Kennedy is the Chief Executive Officer and Patrick Kennedy is a 
Non-executive Director of Formation; therefore, the transaction described above 
constitutes a related party transaction pursuant to the NEX Exchange Growth 
Market Rules for Issuers. David Kennedy and Patrick Kennedy recused themselves 
from discussions pertaining to the transaction 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
                                   --ENDS-- 
 
Enquiries: 
 
Formation Group plc                                  Tel: +44 (0) 20 7920 7590 
Noel O'Carroll - Director 
 
Peterhouse Capital Limited (Corporate Adviser)       Tel: +44 (0) 20 7469 0934 
Mark Anwyl 
 
 
 
END 
 

(END) Dow Jones Newswires

December 06, 2019 09:18 ET (14:18 GMT)