Further re Recovery of Deposits
26 Outubro 2010 - 4:00AM
UK Regulatory
TIDMOPF
RNS Number : 9794U
Off-Plan Fund Limited (The)
26 October 2010
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| AIM: OPF | 26 October 2010 |
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THE OFF-PLAN FUND LIMITED
(the "Fund")
Further re Recovery of Deposits - Canon House, Wallington
As announced in its interim results for the six months ended 31 March 2010, the
Fund had made a provision in full for a GBP1.1 million deposit paid, relating to
118 properties, to Henry Homes (Wallington) Limited ("HHW") on the commencement
of the Canon House project. On 31 March 2010, HHW was subject to a winding up
order and is now in insolvent liquidation. As a result of HHW's insolvent
liquidation and as a beneficiary of the policies to cover such a situation, the
Fund made a claim on 9 April 2010 to recover the entire amount of the deposit
from the insurer, Zurich Insurance ("Zurich").
The Fund is pleased to announce that it has received confirmation from Zurich's
solicitors that processing of the payments relating to each property will begin
shortly. As a result of the number of properties involved in the claim, full
payment of the GBP1.1 million sum insured is expected to take up to 3-4 weeks to
complete. The Fund is working with Zurich to ensure that payments are made as
quickly as possible and a further announcement will be made once all monies have
been received.
Once the monies have been received the Directors of the Fund will determine more
accurately the likely timetable for the conclusion of the process to wind up the
Fund. The Directors of the Fund will consider whether it is appropriate to make
further partial redemptions or other forms of distribution to its Members when
such announcement is made.
List of Contacts:
Development Capital Management
Andy Gardiner
Tom Pridmore
020 7355 7600
Merchant Securities Limited
(Nominated Adviser)
Bidhi Bhoma/Simon Clements
020 7628 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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