Further re: Recovery of Depos

RNS Number : 6887W

Off-Plan Fund Limited (The)

24 November 2010

 



AIM: OPF

24 November 2010

THE OFF-PLAN FUND LIMITED

(the "Fund")

Further re Recovery of Deposits - Canon House, Wallington

Further to the announcement on 26 October 2010, the Fund is pleased to announce that it has now received settlement in full in respect of its insurance claim for a £1.1 million deposit paid 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.

As a result of the settlement of this claim, the Fund's only asset is approximately £1.8 million in cash.  The Directors of the Fund are considering the timing and mechanics of returning funds to shareholders and the likely timetable for the conclusion of the process to wind up the Fund.  A further announcement will be made shortly.

List of Contacts:

Development Capital Management

Andy Gardiner

Tom Pridmore

020 7355 7600

Merchant Securities

(Nominated Adviser)

Bidhi Bhoma/Simon Clements

020 7628 2200

 

END

 

 

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