PUA Puma Vct

 

TIDMTEF TIDMPUA TIDMPMV TIDMPUMC TIDMPUMD 
 
RNS Number : 3506U 
Telford Homes PLC 
23 June 2009 
 

 
 
+--------------------------------------+--------------------------------+ 
| Press Release                        |                   23 June 2009 | 
+--------------------------------------+--------------------------------+ 
 
 
Telford Homes Plc 
 
 
("Telford Homes" or the "Company") 
 
 
Acquisition of Clifford Contracting Limited 
 
 
Telford Homes plc (AIM:TEF), the residential property developer in East London 
noted for regeneration projects within public sector partnerships, has entered 
into an agreement for the purchase of Clifford Contracting Limited ("CCL"), a 
contracting business supplying services to residential developers, from Puma VCT 
Plc, Puma VCT II Plc, Puma VCT III Plc and Puma VCT IV Plc (together the 
"Sellers"). CCL is estimated to have recorded an operating profit of GBP35,000 
in the financial year to 30 April 2009. 
 
 
The purchase price paid by the Company for the ordinary shares of, and loan 
notes issued by, CCL is GBP6,328,500, comprising GBP5,695,650 in new loan notes 
(the "Loan Notes") and the allotment and issue of 1,130,089 new ordinary shares, 
fully paid, in the share capital of the Company (the "Consideration Shares"). 
 CCL holds cash balances amounting to GBP6,328,500.  The Loan Notes, which are 
repayable on or around 23 June 2014 or at any time at the Company's option, will 
be secured against property (primarily failed completions) to be transferred to 
Telford Homes (Properties) Limited ("THP"), a wholly owned subsidiary, by the 
Company.  The maximum loan to value is 75%.Interest is payable monthly in 
arrears at an annual rate of 4.5% until 31 October 2009 after which the annual 
rate increases to 8.88% per annum.  The interest rate further increases on 
GBP2,297,141 of the Loan Notes from 30 September 2010 and on the balance of Loan 
Notes from 30 September 2011 unless previously repaid by the Company which it 
intends to do. 
 
 
The Company has, today, made application to the London Stock Exchange for the 
admission to trading on AIM of the 1,130,089 Consideration Shares of 10p each. 
The new shares are expected to be admitted to trading on AIM on 30 June 2009. 
 
 
The Directors believe that, in addition to a contracting business, the 
acquisition provides the Company with a very flexible form of funding for failed 
completions and unsold properties with limited restrictions and covenants and 
more advantageous terms than would typically be the case with bank financing. 
 
 
The Sellers have agreed to grant the Company a call option (the "Call Option 
Agreement") pursuant to which the Company has the right to repurchase the 
Consideration Shares for an aggregate consideration of GBP1.00 upon repayment in 
full of the Loan Notes.  Because the Call Option Agreement entitles the Company 
to make an off-market purchase of its own shares, it can be entered into only 
following authorisation by a special resolution of the Company. 
 
 
The Company will send a circular to shareholders later today convening a general 
meeting for the purposes of obtaining the necessary shareholders' consent.  In 
the meantime, copies of the Call Option Agreement will be available for 
inspection at the Company's registered office at First Floor Stuart House, 
Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF as required by 
the Companies Act. 
 
 
- Ends - 
 
 
For further information: 
+-------------------------------------------+----------------------------+ 
| Telford Homes Plc                         |                            | 
+-------------------------------------------+----------------------------+ 
| Andrew Wiseman, Chief Executive           |  Tel: +44 (0) 1992 809 800 | 
+-------------------------------------------+----------------------------+ 
| Jon Di-Stefano, Financial Director        |    www.telfordhomes.plc.uk | 
+-------------------------------------------+----------------------------+ 
 
 
+-------------------------------------------+----------------------------+ 
| Shore Capital                             |                            | 
+-------------------------------------------+----------------------------+ 
| Pascal Keane                              |  Tel: +44 (0) 20 7468 7995 | 
+-------------------------------------------+----------------------------+ 
 
 
Media enquiries: 
+-------------------------------------------+----------------------------+ 
| Abchurch                                  |                            | 
+-------------------------------------------+----------------------------+ 
| Henry Harrison-Topham / Jack Ballantyne   |  Tel: +44 (0) 20 7398 7714 | 
+-------------------------------------------+----------------------------+ 
| henry.ht@abchurch-group.com               |     www.abchurch-group.com | 
+-------------------------------------------+----------------------------+ 
 
 
Notes to Editors 
 
 
Telford Homes is an established house builder focusing on the regeneration of 
brownfield sites in the East and North London area. The Company's strong public 
sector partnerships afford it a certain level of security of sales before 
commencing development.  Whilst the majority of every scheme is residential, 
often some commercial units are required as a condition of the planning consent, 
which may be used for office space, retail units, or community use. 
 
 
The Company's successful record of selling properties at an early stage in the 
development allows greater visibility.  Telford Homes has an excellent track 
record of working with housing associations and has forged many strong 
relationships, and typically part of every development is sold for affordable 
housing. The Company's affiliations with housing associations in the area have 
meant that during this downturn in the open housing market the Company is able 
to focus more intently on 100% affordable housing schemes, as well as making a 
greater proportion of current developments affordable housing. 
 
 
Telford Homes has secured funding of GBP57 million from the Homes and 
Communities Agency ("HCA") across four of Telford's own sites and three estate 
regeneration partnership projects with Eastend Homes. This funding enables the 
Company to develop affordable housing sites with security of sales already in 
place. 
 
 
The Greater London Authority is predicting an increase of 800,000 in London's 
population over the next ten years, and forecasts that the city will need 30,000 
new homes per year throughout this period. This huge pressure on the supply of 
new homes creates significant demand for Telford's services in this region. 
 
 
For further information, please see www.telfordhomes.plc.uk 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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