Etaireia Investments Plc

October 01, 2015 07:00 ET

Market Update

                                         Etaireia Investments PLC                                                   
                                       ("Etaireia" or the "Company")
                                      Market Update - Bridgend Mills
On  3  July 2015, the Company announced that it expected to submit a formal planning application in respect
of  its  site at Bridgend Mills in Dalry, by 30 September 2015. Since 3 July 2015, there have been a number
of  developments regarding the site, which have affected the timing of the Company's formal application for
planning permission.

The  Company  has  been  working  with all relevant parties, including Rhubarb  Blue  Architects,  Terrenus
Engineers  and  North  Ayrshire Council, to fully understand the site's status. Whilst  there  has  been  a
substantial  amount  of  input  into the project, it is not yet in a suitable  form  to  be  submitted  for
processing as a Major Planning Application.

The  principal  reason for this arises from significant investigations carried out by  Aecom  Engineers  on
behalf  of  North Ayrshire Council and the Scottish Environmental Protection Agency. The project that  they
have  been  working  on  is  known  as  the Upper Garnock Flood Protection  Scheme  and  this  is  a  major
infrastructure project to alleviate flooding issues over a wider area.

The  Bridgend Mills site forms part of the study area and one of the outcomes of the Aecom report  is  that
there  is  now an identified requirement for a portion of the Bridgend Mills site to be set aside  for  the
infrastructure within this flood prevention scheme. The impact of this is that Etaireia must  now  redesign
its  plans  for  the site to include the relevant services, infrastructure and equipment for this  project.
This has a fundamental impact on the design of our site, given the area of land that is no longer available
for residential development as a result of the proposals contained within the study.

It  is essential that we now work with North Ayrshire Council and SEPA to ensure that our site fulfils  its
role within the wider flood prevention scheme and that the development of our site is nevertheless able  to
continue  on a realistic commercial basis. Whilst this has a negative impact with regard to the  timing  of
the  application,  there  are positive outcomes of this process. The wider study  highlights  that  by  the
implementation  of  the  strategies contained therein, that the site at Bridgend Mills  will  not  have  an
adverse impact on the watercourse.

In  terms  of  architecture, the scale, density and massing of the development have been  agreed  by  North
Ayrshire Council and the next stage with them will be to enter into a Processing Agreement for the delivery
of  the  Planning Permission. This agreement will fix a timescale for approval of the project and  as  such
provide  comfort  to  Shareholders and the wider market. It is intended  that  upon  the  redesign  of  the
proposals  to  incorporate  the flood prevention works, we will sign the Processing  Agreement  with  North
Ayrshire Council in order to guarantee delivery of Planning Permission within a fixed period of 16 weeks.

The Directors expect that the application for Planning Permission incorporating the aforementioned redesign
of the project will be submitted by 27 November 2015. This would provide a target end date of 18 March 2016
for  Planning Permission and the associated consents to begin development to be in place. The Board  expect
that  the  planning permission, when submitted, will be in respect of the 152 residential units  previously

The Directors of the Company accept responsibility for this announcement.


Etaireia Investments Plc
Greg Collier
Tel: 078 3018 2501

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

Contact Information

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