09 July 2009
Telford Homes plc (AIM:TEF), the residential property developer in East London noted for regeneration projects within public sector partnerships, announces that, at the Annual General Meeting and the subsequent General Meeting held earlier today, all resolutions put to shareholders were duly passed.
Andrew Wiseman, Chief Executive, gave the following statement:
"The Board has been encouraged by increasing levels of interest from prospective buyers in the past few weeks and is pleased to report that this is being converted into sales of finished homes. At Queen Mary's Gate in South Woodford five properties have been sold since our preliminary results were announced on 27 May 2009 and a further three have been sold at Nayland Court, Romford. In addition, 14 properties that were previously sold and where Telford Homes has rescinded contracts with the original buyer have been sold to new purchasers. These new sales have been predominantly for owner occupation.
"Overall, completions remain in line with the Board's expectations. In total since 1 April 2009 over 110 open market homes have been completed and handed over to customers. Although a number of pre-sold properties will fail to complete, the Group has been successful in achieving re-sales to date. In addition, the acquisition announced on 23 June 2009 has given Telford Homes access to £6.3 million of capital to finance unsold properties at 75 per cent loan to value.
"Telford Homes' delivery of affordable housing, supported by the Homes and Communities Agency, remains on track and to date the Group has received £8.4 million of its £57 million agreed grant programme."
"The Board maintains its cautiously optimistic outlook and confirms that Telford Homes is trading in line with market expectations for the current financial year."
For further information:
|Telford Homes Plc|
|Andrew Wiseman, Chief Executive||Tel: +44 (0) 1992 809 800|
|Jon Di-Stefano, Financial Director|
|Pascal Keane||Tel: +44 (0) 020 7468 7995|
|Chris Lane / Jack Ballantyne||Tel: +44 (0) 20 7398 7714|