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The Meredith Property Group Plc
MERE - The Meredith Property Group Plc
Implementation of Business Plan

The Meredith Property Group Plc

Business Implementation Plan

The Meredith Property Group Plc (the “Company” or “Meredith”) continues to implement its business plan in accordance with the latest annual report issued in September 2018. In implementing the business plan the Company loaned:

  • £320,000 to a company towards the purchase and development of a Grade II property in Birmingham into a mix of hotel, apart-hotel and retail.  This loan remains outstanding and is due for repayment in February 2019;
     
  • £37,400 to a company to fund the purchase and development of a retail unit to luxury apartments in Brentford. This loan remains outstanding and is due for repayment in November 2019;
     
  • £924,263 to a company to fund the purchase of a Care Home in Middlesbrough. This loan remains outstanding and is due for repayment in September 2019;
     
  • £150,000 of further investment to a company that purchased a development in Uxbridge. A partial repayment of £184,000 was made during the period. The balance of the loan remains outstanding at period end and is due for repayment in July 2019;
     
  • £400,000 of further investment to an existing borrower which is secured against a property development in Marbella, Spain. This loan was fully repaid during the period; and
  • An additional loan of £49,200 to fund the purchase and development of a property in Bracknell. The loan remains outstanding at the period end and is due for repayment in February 2019.

The following loan repayments were also made:

  • A partial repayment of a loan to an existing borrower, which is funding a property development loan in Frinton-on-Sea, Essex; and
     
  • A full repayment of a loan to an existing borrower, which is funding an acquisition of a commercial property with prior approval to convert into luxury apartments in Bristol.

Following the period end, the Company has invested a further £8,000 in the aforementioned property development project in Frinton-on-Sea, Essex.  No further bonds were issued by the Company during the period.

The Directors will continue to keep bondholders up to date with regular announcements where material changes to the Company occur.

The Directors of the Issuer accept responsibility for the contents of this announcement.

 

Avi Robinson - Executive Director
The Meredith Property Group Plc
020 3637 6053

CSE Corporate Adviser(s)
Nick Michaels/Jon Isaacs
Alfred Henry Corporate Finance
020 3772 0021 

Not Regulated
Filing Date: 30/01/2019 19:04

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