TIDMTRAF

RNS Number : 6889W

Trafalgar Property Group PLC

24 December 2021

24 December 2021

TRAFALGAR PROPERTY GROUP PLC

("Trafalgar", the "Company" or "Group")

Interim Results

for the six months ended 30 September 2021

Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces its interim results for the six months ended 30 September 2021 (the "Period").

Key financials:

   --      Turnover for the Period was GBP390,139, (H1 2020:  GBP1,311,150); 

-- Gross profit of GBP6,955, (H1 2020: gross profit GBP302,596), giving a loss before tax of GBP338,139 (H1 2020: pre-tax loss: GBP16,699);

   --      EPS of  (0.35)p (H1 2020: (0.00p)); and 

-- Cash in bank at period end was GBP24,329 (H1 2020: GBP405,813); at 20 December 2021 cash at bank was GBP43,750

-- James Dubois, Non-Executive Chairman of Trafalgar, said: 'The results for the year for the six months to 30 September 2021 are disappointing. However, we have been facing a period of great difficulty in the property sector with long planning delays due to the Covid-19 pandemic and this has delayed the start of our next construction projects. Overheads have been reduced significantly whilst we await the results of our planning submissions."

Copies of the interim report will be available later today on the Company's website, www.trafalgarproperty.group

Enquiries:

 
 Trafalgar Property Group Plc 
  James Dubois                                  +44 (0) 1732 700 000 
 Spark Advisory Partners Ltd - AIM Nominated 
  Adviser 
  Matt Davis/James Keeshan                      +44 (0) 20 3368 3550 
 Peterhouse Capital Limited - Broker 
  Duncan Vasey/Lucy Williams                    +44(0)20 7409 0930 
 

Notes to Editors:

Trafalgar Property Plc is the holding company of Trafalgar New Homes Limited and Trafalgar Retirement+ Limited, residential property developers operating in the southeast of England. The founders have a long track record of developing new and refurbished homes, principally in Kent and Surrey.

The Company's focus is on the select acquisition of land for residential property development. The Company outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts, enabling it to tightly control its development and overhead costs.

   For further information visit   www.trafalgarproperty.group . 

TRAFALGAR PROPERTY GROUP PLC

INTERIM REPORT FOR THE SIX MONTHSED 30 SEPTEMBER 2021

CHIEF EXECUTIVE'S REPORT

I present the Company's Interim Results for the six month period to 30 September 2021. Revenue for the period was GBP390,139 and cost of sales was GBP383,184 giving a gross profit for the period of GBP6,955.

Mortgage and private loan interest was paid during the period of GBP62,963 with a further GBP25,620 of loan note equity interest being accrued in the period. The result of the above is a loss before taxation for the period of GBP338,139.

The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has impacted the Company's operations. In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to resources available to the entity, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

The effects of the COVID-19 pandemic have affected our business since March 2020 as sales of completed units have been delayed by some months. Fortunately, we had completed the construction phase of these units although there have been delays in obtaining planning permission for other potential new sites. Like most businesses, we are aware of our need to conduct ourselves carefully to preserve the health of our staff and customers, and we have limited our overhead expenditure wherever possible.

During the 6 months to 30 September 2021 the Group sold one investment property following a tenant vacating and with one other leasehold investment property currently under offer following the tenant vacating in early December 2021. During the year a review for revaluation has taken place on the investment properties and a provision has been made of GBP (67,000) within the Statement of Comprehensive Income as at 30 September 2021. We are also awaiting the results of planning appeals lodged for two sites in Surrey although the planning process has been negatively impacted by the effects of the pandemic.

Paul Treadaway

Chief Executive

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                                            6 month             6 month           Year 
                                                       period ended        period ended          ended 
                                                       30 September        30 September       31 March 
                                                        (Unaudited)         (Unaudited)      (Audited) 
 
                                         Note                  2021                2020           2021 
                                                            GBP'000             GBP'000        GBP'000 
 
 Revenue                                                        390               1,311          2,286 
 
 Cost of sales                                                (383)             (1,009)        (1,964) 
 
 Gross profit/(loss)                                              7                 302            322 
 
 Administrative expenses                                     (257 )              (237 )          (464) 
 
 Underlying operating (loss)/profit                           (250)                  65          (142) 
 
 Other interest receivable and other 
  income                                                         29                  29             27 
 Interest payable and similar charges                          (88)                (77)          (214) 
 
 (Loss)/profit before taxation                                (338)                  17          (329) 
 
 Tax payable on profit on ordinary       4                        -                   -              - 
  activities 
 
 (Loss)/profit after taxation for 
  the period                                                  (338)                  17          (329) 
 
 Other comprehensive income 
 Total comprehensive (loss)/profit 
  for the period                                              (338)                  17          (329) 
 
 (Loss/profit) attributable to: 
 Equity holders of the parent                                 (338)                  17          (329) 
 
 Total comprehensive (loss)/profit 
  for the period attributable to: 
 Equity holders of the parent                                 (338)                  17          (329) 
 
 (LOSS)/PROFIT PER ORDINARY SHARE; 
 Basic/Diluted                           5                  (0.35)p               0.00p        (0.34)p 
 

All results in the current and preceding financial period derive from continuing operations.

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                         30 September       30 September     31 March 
                                          (Unaudited)        (Unaudited)    (Audited) 
                                  Note           2021               2020         2021 
                                              GBP'000            GBP'000      GBP'000 
 
 Non-current assets 
 Tangible fixed assets                              1                  2            1 
 Investment property              9             1,533              1,975        1,975 
                                                1,534              1,977        1,976 
 
 Current assets 
 Inventory                                         87                989           79 
 Trade and other receivables                       14                 50           33 
 Cash at bank and in hand                          24                406          246 
                                                  125              1,445          358 
 
 Total assets                                   1,659              3,422        2,334 
 
 EQUITIES AND LIABILITIES 
 Current liabilities 
 Trade and other payables                         470                498          479 
 Borrowings                                         -                374            - 
 
                                                  470                872          479 
 
 Non-current liabilities 
 Borrowings                                     4,490              5,167        4,818 
 
 Total liabilities                              4,960              6,039        5.297 
 
 
 Equity attributable to equity 
  holders of the Company 
                                  6 & 
 Called up share capital           7            2,727              2,727        2,727 
 Share premium account                          3,250              3,250        3,250 
                                  6 & 
 Loan note equity                  7              104                104          104 
 Reverse acquisition reserve                  (2,818)            (2,818)      (2,818) 
 Profit and loss account                      (6,564)            (5,880)      (6,226) 
 
 Total Equity                                 (3,301)            (2,617)      (2,963) 
 
 Total Equity and Liabilities                   1,659              3,422        2,334 
 

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                              Share      Share           Loan        Reverse     Retained     Total 
                            capital    premium    Note equity    acquisition      profits    equity 
                                                      Reserve        reserve    /(losses) 
                            GBP'000    GBP'000        GBP'000        GBP'000      GBP'000   GBP'000 
 
 At 1 April 2021              2,727      3,250            104        (2,818)      (6,226)   (2,963) 
 
 (Loss)/Profit for 
  period                          -          -              -              -        (338)     (338) 
 
 Other comprehensive              -          -              -              -            -         - 
  income for the period 
 Total comprehensive 
  income for the period           -          -              -              -        (338)     (338) 
 Issue of shares                  -          -              -              -            -         - 
 
 Share issue costs                -          -              -              -            -         - 
 
 Loan notes issue                                           -                                     - 
 
 At 30 September 2021         2,727      3,250            104        (2,818)      (6,564)   (3,301) 
 
 

For the purpose of preparing the consolidated financial statement of the Group, the share capital represents the nominal value of the issued share capital of 0.1p per share. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue.

The reverse acquisition reserve related to the reverse acquisition between Trafalgar Property Group plc and Trafalgar New Homes Limited on 11 November 2011.

Loan note equity further details are provided in Note 6, 7 & 8

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                                      6 month          6 month             Year 
                                                 period ended     period ended            ended 
                                                 30 September     30 September         31 March 
                                                  (Unaudited)      (Unaudited)        (Audited) 
 
                                                         2021             2020             2021 
                                                      GBP'000          GBP'000          GBP'000 
 
 Cash flow from operating activities 
 
 Operating (loss)/profit                                (338)               17            (329) 
 Depreciation charges                                       -                -                1 
 Loss on sale of investment property                       22                -                - 
 Fair value movements on investment                        67                -                - 
  property 
 Increase in stocks                                       (8)              224            1,134 
 (Increase)/decrease in debtors                            19              (8)              (9) 
 (Decrease)/increase in creditors                         (9)             (51)             (70) 
 Interest paid                                             88               69              214 
 Net cash inflow/(outflow) from 
  operating activities                                  (159)              251              941 
 
 
 Investing activities 
 Disposal of investment property                          353                -                - 
  & revaluation 
 Purchase of tangible fixed assets                          -              (1)              (1) 
 Net cash used in investing activities                    353              (1)              (1) 
 
 Taxation                                                   -                -                - 
 Financing activities 
  Issue of shares                                           -              750              683 
   Share issue costs                                        -             (67)                - 
   New loan borrowings                                  (418)               50               51 
  Related party loan repayment                           (25)                -            (771) 
 Related party new loan borrowings                         94            (274)              430 
 Repayment loan borrowings                                (4)              182            (555) 
 Repayment other borrowings                                 -             (80)            (490) 
 Interest paid                                           (63)               69             (70) 
 
 Net cash flow from financing                           (416)              128            (722) 
 
 (Decrease)/increase in cash and 
  cash equivalents in the period                        (222)              378              218 
 
 Cash and cash equivalents at the 
  beginning of the year                                   246               28               28 
                                                           24              406              246 
 

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

   1.           GENERAL INFORMATION 

This financial information is for Trafalgar Property Group Plc ("the Company") and its subsidiary undertakings. The Company is incorporated in England and Wales.

   2.           BASIS OF PREPARATION 

The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom (UK IFRS). The interim financial information incorporates the results for the Group for the six month period from 1 April 2021 to 30 September 2021. The results for the year ended 31 March 2021 have been extracted from the statutory financial statements for the Group for the year ended 31 March 2021. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2021, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.

The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the group's annual financial statements for the year ended 31 March 2021.

The interim consolidated financial information incorporates the financial statements of Trafalgar Property Group Plc and its subsidiaries.

The interim financial information for the six months ended 30 September 2021 was approved by the directors on 22 December 2021.

   3.           SEGMENTAL REPORTING 

For the purpose of IFRS 8, the chief operating decision maker ("CODM") takes the form of the Board of Directors. The Directors' opinion of the business of the Group is that the principal activity of the Group was property development and there is considered to be one reportable segment, that of property development carried on in the UK. The internal and external reporting is on a consolidated basis with transactions between Group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidate statement of changes in equity, the consolidated statement of financial position and cash-flows.

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

   4.                TAXATION 
 
                                                6 month         6 month          Year 
                                           period ended    period ended         ended 
                                           30 September    30 September      31 March 
                                            (Unaudited)     (Unaudited)     (Audited) 
 
                                                   2021            2020          2021 
                                                GBP'000         GBP'000       GBP'000 
 
 Current tax                                          -               -             - 
 Tax charge/(credit)                                  -               -             - 
 
 Loss/(profit) on ordinary activities 
  before tax                                      (338)              17         (329) 
 
 Based on profit for the period: 
 Tax at 20%                                           -               -             - 
 
 Effect of: 
 Losses (not utilised)/utilized                       -               -             - 
 
 Tax charge for the period                            -               -             - 
 

No tax provision has been made on account of brought

forward losses.

   5.                PROFIT/(LOSS) PER ORDINARY SHARE 

The calculation of profit/ (loss) per ordinary share is based on the following

(losses) and number of shares:

 
                                                  6 month           6 month                Year 
                                             period ended      period ended               Ended 
                                             30 September      30 September            31 March 
                                              (Unaudited)       (Unaudited)           (Audited) 
 
                                                     2021              2020                2021 
                                                  GBP'000           GBP'000             GBP'000 
 
 (Loss)/profit for the period                       (338)                17               (329) 
 
 Weighted average number of shares 
  for basic (loss)/profit per share            95,644,038     1,081,519,705          95,644,038 
 
 Weighted average number of shares 
  for diluted profit/(loss) per share          95,644,038     1,081,519,705          95,644,038 
 
 (LOSS)/PROFIT PER ORDINARY SHARE; 
 Basic                                            (0.35)p             0.00p             (0.34)p 
 
 
 Diluted                                         ( 0.35)p             0.00p             (0.34)p 
 

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

   6.    SHARE CAPITAL 

Authorised Share Capital

 
                                                           30 September        31 March 
                                                                   2021            2021 
                                                                 Number          Number 
                                                          1,425,190,380     487,690,380 
                       Ordinary shares of 0.01p each 
                        Issued in year: 
                        Ordinary shares of 0.01p                      -     937,500,000 
            Total ordinary shares of 0.01p 
             in issue)                                    1,425,190,380   1,425,190,380 
                          Total ordinary shares of 0.1p 
                       in issue following consolidation     142,519,038     142,519,038 
                       Deferred shares of 0.9p in issue     287,144,228     238,375,190 
            Deferred shares of 0.9p arising 
             from re-organisation                                     -      48,769,038 
            Total deferred shares of 0.9p 
             in issue                                       287,144,228     287,144,228 
            Authorised Share Capital                       30 September        31 March 
                                                                   2021            2021 
                                                                GBP'000         GBP'000 
 
            Called up share capital                               2,727           2,727 
            Share premium                                         3,250           3,250 
            Loan notes equity reserve                               104             104 
 
 

On 13(th) July 2020, the Company undertook a sub-division of its ordinary shares, which sub-divided the 487,690,380 0.1p Ordinary Shares into 487,690,380 0.01p Ordinary shares and 487,690,380 0.09p Deferred shares. Subsequently, the 0.09p Deferred shares were consolidated with the 0.9p Deferred shares to create 287,144,228 0.9p Deferred shares ranking pari passu as one class with the existing deferred shares of 0.9p each.

On 14th July 2020, 937,500,000 additional shares were issued under a placing at 0.08p each (at a premium of 0.07p per share) to raise GBP750,000 before costs of GBP 66,863.

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

In addition, on 14(th) July 2020 warrants to subscribe for ordinary shares of 0.01p were granted as follows:-

Subscribers to the placing were granted warrants to subscribe for up to 937,500,000 shares for a period of two years, exercisable at 0.2p per share.

Peterhouse Capital Limited was granted warrants to subscribe for shares equivalent up to 3% of the issued ordinary share capital from time to time, exercisable for a period of two years, at 0.08p per share.

Following the consolidation of ordinary shares in December 2020, the warrants have been adjusted and comprise placee warrants to subscribe for up to 93,750,000 ordinary shares of 0.1p at 2p per share, and the warrants held by Peterhouse Capital Limited are exercisable at 0.8p per share.

In relation to the granting of these warrants to Peterhouse Capital Limited, these fall under the requirements of IFRS 9 Financial Instruments and as such are accounted for at fair value through profit or loss. At the grant date of these warrants these are valued using a Black Scholes model to determine the intrinsic value of the warrant and a liability is recognized for this amount with a corresponding expense through the income statement. The Directors' have concluded that the intrinsic value of the warrant as at 31 March 2021 is not material to the results and subsequent movements in the share price have decreased this value further. As such no accounting entries have been made to these results.

Further on 14 July 2020, GBP600,000 of convertible loan notes were issued to Mr C C Johnson as part of arrangements to reorganise loans between him and the Group. The notes are repayable on 31 July 2022 and are convertible at any time into 300,000,000 ordinary shares of 0.01p at 0.2p per share. On conversion, warrants to subscribe for up to 300,000,000 ordinary shares will be granted to Mr C C Johnson exercisable for a period of two years from the date of grant at 0.2p per share. Following the consolidation of ordinary shares in December 2020, the loan notes have been adjusted and are convertible into 30,000,000 ordinary shares of 0.1p at 2p per share, with warrants to be granted to subscribe for up to 30,000,000 ordinary shares of 0.1p each at 2p per share.

The convertible loan notes have been accounted for as having both a debt and an equity element. This results in the creation of a loan note equity reserve at the point of issue. This loan note equity reserve is the difference between the loan note value received by the company of GBP 600,000 and the fair value of a debt only instrument with a 10% imputed interest rate and a final settlement figure of GBP 600,000 in July 2022. This 10% imputed interest rate of GBP33,058 (2020: nil), is managements' best estimate as to the interest rate that would be expected from the market for an unsecured loan of GBP600,000 without a conversion element.

Or din a ry shares en title the h o l d er to r eceive n o tice of and to attend or v o te at any

general  meeting  of the   C o m pany or to  receive  dividen ds  or  oth er  distri b uti o n s. 

Defer red sh a res do n ot entitle the h old er to r eceive notice of and to attend or v o te at a ny gener al meeting of the C o m pany or to receive div i den ds or other distrib u tio n s. U pon win ding up or dis s olu tion of the C o m pany the h o l d e rs of defer r ed shares shall be entitled to r eceive an am o unt eq ual to the n o minal am ou nt paid up th e r e o n, b ut o nly after h o l d e rs of o r din a ry shares have r eceived GBP 10 0 , 0 00 p er o r dinary share. H o l d ers of def e r red sh a res are not entitled to any further rights of participation in the assets of the Company. The Company has the right to purchase the deferred shares in issue at any time for no consideration.

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHSED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

On 29 December 2020, for every ten of the 1,425,190,380 ordinary shares of 0.01p then in issue, were consolidated into one ordinary share of 0.1p resulting in there being 142,519,038 ordinary shares of 0.1p in issue.

There were no further issues or consolidation of share capital in the 6 month period to 30 September 2021.

   7.           SHARE OPTIONS AND WARRANTS 

Sh are optio ns or warran ts as at t he year e n d are as follows (2020:nil)

On 14 J u l y 2020 warran ts to s u b scribe f or ordinary shar es of 0.0 1p were g ranted as f ollo w s :

(a) Su b scribers to t he placing e f f ected in J u ly 2020 were g r a nted warran ts to s u b scribe f or up to 937 , 500 , 000 shares f or a period of t wo year s, e x e rcisable at 0.2p per share;

(b) Peter h o use Capital L i mited w as g ranted warrants to s u b scribe f or shares eq u i valent up to 3% of the issued ordinary share capital from time to time, exercisable f or a p e riod of t wo year s, at 0.0 8p per share.

Following the consolidation of ordinary shares in December 2020, the warrants have been adjusted and comprise place warrants to subscribe for up to 93,750,000 ordinary shares of 0.1p at 2p per share, and the warrants held by Peterhouse Capital Limited are exercisable at 0.8p per share.

Further on 14 July 2020 GBP600,000 of convertible loan notes were issued to Mr C C Johnson as part of arrangements to reorganise loans between him and the Group. The notes are repayable on 31 July 2022 and are convertible at any time into 300,000,000 ordinary shares of 0.01p at 0.2p per share. On conversion warrants to subscribe for up to 300,000,000 ordinary shares will be granted to Mr C C Johnson exercisable for a period of two years from the date of grant at 0.2p per share. Following the consolidation of ordinary shares in December 2020, the loan notes have been adjusted and are convertible into 30,000,000 ordinary shares of 0.1p at 2p per share, with warrants to be granted to subscribe for up to 30,000,000 ordinary shares of 0.1p each at 2p per share.

   8.         SUBSEQUENT EVENTS 

On 22 November 2021, it was announced that Mr C C Johnson has agreed to lend the Company up to GBP200,000 by way of additional convertible loan notes. The convertible loan notes, of which GBP 80,000 will be drawn immediately will be used for general working capital purposes. The convertible loan notes have a redemption date of 30 November 2022. All drawdowns against the convertible loan notes facility are at the full discretion of Mr C C Johnson.

In the event the convertible loan notes are drawn in full, they will be convertible into 28,571,427 new ordinary shares at 0.7p per ordinary share. The convertible loan notes are unsecured, non-transferable with nil coupon and can be converted at any time by Mr C C Johnson, subject inter alia to his entire holding being less than 29.99 per cent.

TRAFALGAR PROPERTY GROUP PLC

CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE

SIX MONTHS ENDED 30 SEPTEMBER 2021

NOTES TO THE FINANCIAL INFORMATION

   9.             INVESTMENT PROPERTY 

Total

GBP

FAIR VALUE

At 1 April 2021 - freehold property 900,000

At 1 April 2021 - leasehold property 1,075,000

Disposals - leasehold property (375,000)

Revaluations - leasehold properties

(67,000)

At 30 September 2021 1,533,000

NET BOOK VALUE

At 30 September 2021 1,533,000

At 31 March 2021 1,975,000

Fair value at 30 September 2021 is represented by:

GBP

Valuation at 31 March 2021 1,075,000

Re valuation - 6 months to 30 September 2021 (67,000)

 
               Disposal    (375,000) 
 

Leasehold property 633,000

Freehold property 900,000

Fair value 30 9 21 1,533,000

Following a review during the period, the directors considered it prudent to re assess the fair value of all investment property held. During the period to 30 September 2021 one property was sold following the tenants vacating. This sold at a loss as shown in the Statement of Comprehensive Income. Since the period end another leasehold property has gone under offer in December 2021. This too will show a loss of GBP40,000. Consequently a revaluation of GBP67,000 (loss) has been provided on account of the two remaining leasehold properties. The Directors consider the fair value brought forward on the freehold property is correct and no further adjustment has been made in the period to date on that property.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR DZMZZNFNGMZM

(END) Dow Jones Newswires

December 24, 2021 01:59 ET (06:59 GMT)

Trafalgar Property (LSE:TRAF)
Gráfico Histórico do Ativo
De Abr 2022 até Mai 2022 Click aqui para mais gráficos Trafalgar Property.
Trafalgar Property (LSE:TRAF)
Gráfico Histórico do Ativo
De Mai 2021 até Mai 2022 Click aqui para mais gráficos Trafalgar Property.