Etaireia Investments Plc

July 03, 2015 11:30 ET

Market Update

                                      ETAIREIA INVESTMENTS PLC
                                    ("Etaireia" or the "Company")

                                            Market Update

On  14  August 2014, Etaireia released an announcement regarding land at Bridgend Mills, Tofts, Dalry
that  the  Company  had acquired in May 2014. The announcement stated that the Company  had  obtained
additional  planning  permission  for  the site, such that  the  site  now  had  permission  for  152
residential units, an increase of 129 units. The announcement went on to say that, following  receipt
of the increased planning permission, the Company had commissioned an independent report which placed
an indicative value on the Bridgend Mills site of £1.3 million.

There  is  in  fact no planning permission currently in place at the Bridgend Mills  site.  Moreover,
although  the  Company has undertaken extensive preparatory work with architects, engineers  and  the
local  planning authority (including a public consultation regarding Etaireia's plans for the  site),
the  Company had not, as at 14 August 2014, and has not, as at today's date, applied for or  received
any planning permission for the Bridgend Mills site.

The  information  regarding  planning  status at the Bridgend  Mills  site  in  the  14  August  2014
announcement was provided by a former director of the Company.

The  Directors expect that the Company will make a formal application for planning permission at  the
Bridgend  Mills  site  before  the  end of September 2015. Based  on  the  preliminary  work  already
undertaken by the Company, in consultation with the Planning Officers of North Ayrshire Council,  the
Directors believe that planning permission for no less than 150 residential units will be granted  in
due course.

The  indicative  valuation of £1.3 million in the independent report referred to in the  August  2014
announcement  was based on the Bridgend Mills site having permission to build 152 residential  units.
Whilst  the  Directors  believe that such a valuation will be sustainable if planning  permission  is
granted  in due course for that number of residential units, the valuation referred to in the  August
2014 announcement is not relevant to the site in its current form.

The Directors of the Company accept responsibility for this announcement.


Etaireia Investments Plc
Tel: 0141 228 6110
Philip McGinlay
James Kirkwood

Peterhouse Corporate Finance Limited
Tel: 020 7469 0930
Fungai Ndoro and Mark Anwyl

Contact Information

  • Etaireia Investments Plc