Trafalgar New Homes Plc
LSE : TRAF.PL

November 08, 2011 09:31 ET

RESULT OF GENERAL MEETING AND APPLICATION FOR RE-ADMISSION TO PLUS

8 November 2011

                                        TRAFALGAR NEW HOMES PLC

                  RESULT OF GENERAL MEETING AND APPLICATION FOR RE-ADMISSION TO PLUS

The  Directors  of Trafalgar New Homes (the "Company" or "TNH") are pleased to announce  that  at  the
general meeting of shareholders (The "General Meeting") held earlier today, all resolutions, including
the  resolution  for the approval of the acquisition of Combe Bank Homes Limited ("Combe  Bank")  were
duly passed. The Directors are also pleased to announce that the Company has made application for  the
re-admission  of  its entire issued and to be issued ordinary share capital to trading  on  the  PLUS-
quoted market ("Re-Admission").

LISTING DETAILS

Sector classification: Construction & Materials
Principal activities: Residential property development
PLUS Corporate Adviser: SVS Securities PLC

OVERVIEW

TNH  has  been  a  small house builder which encountered financial difficulties  in  relation  to  one
specific  development and consequently, on 12 July 2010 announced that it had filed notice to  appoint
administrators at court. A Company Voluntary Arrangement was then put into effect and on 13  September
2011 TNH announced that the Company was no longer in administration. On 13 October 2011 a circular was
posted  to  shareholders containing a notice convening a General Meeting of the  shareholders  of  the
company  to approve, inter alia, the acquisition by TNH of the issued share capital of Combe  Bank,  a
transaction constituting a "reverse takeover" under the PLUS Rules.

Combe  Bank  was  incorporated in November 2006 to undertake residential  development  in  new  build,
conversions  and refurbishment. The founders, Christopher and Alexander Johnson, together  with  their
support  staff,  have direct experience in the residential housing sector. Combe Bank  currently  owns
eight  residential sites, concentrated in Kent. For the six month period ended 31 May 2011 the company
returned  a  profit  after taxation of £329,495. As at that date Combe Bank's property  portfolio  was
valued  at  £7,054,938.  Long term indebtedness was £8,918,077, of which £4,686,749  was  provided  by
Christopher Johnson's family interests.

Following  the General Meeting, Mr Robert McKendrick and Mr James Reid have resigned as  directors  of
TNH, subject to Re-Admission, and Mr Christopher Johnson and Mr Alexander Johnson have been appointed,
subject  to  Re-Admission,  as  Executive  Chairman and Sales  and  Marketing  Director  respectively.
Additionally,  following the General Meeting, Andrew Moore has, subject to Re-Admission,  resigned  as
Chairman of the Board and become a Non-Executive Director of the Company.

ANTICIPATED RE-ADMISSION DATE

PLUS Regulation have approved the Company's application for Re-Admission.  A further announcement will
be made, as and when appropriate, concerning the expected date of Re-Admission.

The Directors of Trafalgar New Homes Plc accept responsibility for this announcement.


Enquiries

Trafalgar New Homes Plc
Andrew Moore
Tel: +44 (0)7836 722840

PLUS Corporate Adviser
Peter Ward/Alex Brearley
+44 (0)20 7638 5600

Contact Information

  • Trafalgar New Homes Plc