New Debt Facility
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The Board is pleased to announce that a wholly owned subsidiary of the Company has entered into a new debt facility agreement with A.S.K. Partners Limited ("ASK") for a maximum of £12 million. The loan will be utilised by the Company to further progress certain plots at The Island Quarter site in Nottingham, in addition to the planning application for its potential acquisition site in Bristol.
The term of the loan is for a minimum of 2 years. The interest rate is calculated by reference to the Bank of England base rate plus a margin of 5.9% and is secured on part of The Island Quarter site in Nottingham.
Robert Ware, Chief Executive of the Company, commented:
"We are delighted to have secured the facility with ASK which now enables the further progression of both our substantial mixed-use projects at Nottingham and Bristol."
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