SECURED PROPERTY DEVELOPMENTS PLC
Unit 6, Orchard Mews, 42 Orchard Road
Highgate, London N6 5TR
SECURED PROPERTY DEVELOPMENTS PLC
(The Company)
Date 2 September 2016
RELATED PARTY TRANSACTION
In accordance with ISDX Growth Market Rule 55 The Company announces that it has agreed terms with Space Property Corporation Limited (Space Property) for the provision of development finance to Space Property in an aggregate amount of £600,000 (plus an amount in respect of interest) for a term of 12 months at a rate of 10.2 per cent per annum secured by a second-ranking legal mortgage on a freehold commercial property in York.
R.A.Shane is a director of The Company and owns 29.15 per cent of the issued share capital of The Company.
R.A.Shane is also the sole director and controlling shareholder of Space Property and as such the transaction is a related party transaction.
The proposal to provide development finance to Space Property will be voted upon at a General Meeting of The Company, in accordance with section 200(2) of the Companies Act 2006, to be held at The Royal Automobile Club, 89 Pall Mall, London SW1Y 5HS on 28 September 2016. A further announcement will be made by The Company following the General Meeting.
John Townsend, Chairman commented “We are pleased to have agreed terms to finance this project in York which will enable us to earn interest on our funds whilst we pursue other opportunities for The Company.”
John Townsend
Chairman
