22 November 2024
ZENTRA GROUP
PLC
(“Zentra”, “the
Company” or “the Group” or “ZNT”)
Completion of
property transactions and listing update
Zentra Group PLC (previously One
Heritage Group PLC), a UK-based residential developer, development
manager, and property manager, is pleased to announce that it has
completed the transactions outlined in the Strategic Update and
Market Listing Announcement released on 2 October 2024. These
transactions mark a significant step in the Company's ongoing
transformation.
Summary of
Completed Transactions
The following transactions, which
were initially outlined in the Company’s 2 October 2024 update,
have now been completed:
-
Strategic Investment in One Victoria Project:
The Company has acquired a 30% stake in the One Victoria
project in Manchester for £3 million. The acquisition was funded by
increasing the existing shareholder loan facility.
-
Sale of Completed Inventory:
The Company has completed the sale of a portfolio of
completed residential and commercial properties, valued at £7
million, to OH UK Holdings Limited (“OHUK”), a company connected
with One Heritage Development Limited (“OHPD”), including
properties at Bank Street (Sheffield), Lincoln House (Bolton),
Oscar House (Manchester), and a commercial unit at St Petersgate
(Stockport).
With £2 million of debt linked to
Oscar House as part of this transaction, the net proceeds of the
portfolio sale reduced from £7 million to £5 million and these
proceeds will be utilised to reduce the existing shareholder
facility (“Existing Loan Facility”) from £14 million to £9
million.
-
Refinance of Existing Loan Facility: As previously announced
on 2 October 2024 the Company entered into a new £7 million loan
facility with OHUK at an interest rate of 6%, i.e., lower than the
previous rate of 7%, such facility is now available following
completion of the property transactions outlined above. The loan
has a repayment date of 31 December 2025, with an option to extend
for up to 36 months. OHUK is a related party, sharing the same
majority shareholders as ZNT and OHPD.
This new loan has been drawn down
in full and used to partially repay the Existing
Facility. The balance of approximately £2 million of the
Existing Facility has been written off by OHPD as part of the
restructuring, demonstrating OHPD's commitment to ZNT’s success and
financial stability. The Existing Loan Facility has therefore been
settled in full and terminated.
Listing
Status
As announced 12 November 2024, the
Company has applied to the Financial Conduct Authority (“FCA”) and
London Stock Exchange plc (“LSE”) to delist its ordinary shares
from the Main Market of the LSE. The Company’s shares will be
cancelled from trading on the Main Market on 11 December 2024 and
the last day of trading on the Main Market will be at 4.30pm on 10
December 2024. The ordinary shares are then expected to commence
trading on the Access segment of the AQSE Growth Market
(“Admission”) at 8:00 am on 11 December 2024 under the ticker
symbol ZNT, with its existing ISIN number GB00BLF79495, SEDOL
number BLF7949, and LEI number 2138008ZZUCCE4UZHY23.
Contacts
Zentra Group
plc
Jason Upton
Chief Executive Officer
Email:
jason.upton@zentragroup.co.uk
Robert Holbrook
Head of Finance
Email:
robert.holbrook@zentragroup.co.uk
Hybridan LLP
(Financial Adviser and Broker)
Claire Louise Noyce
Email :
claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
About Zentra
Group plc
Zentra Group is a property
development and management Company. It focuses on the residential
sector primarily in the North of England, seeking out value and
maximising opportunities for investors. The Company is currently
listed on the Equity Shares (Transition) Segment for commercial
companies previously on the Standard listing segment of the Main
Market of the London Stock Exchange, trading under the ticker
ZNT.
For further
information, please visit the Company’s website
at www.zentragroup.co.uk The
previous website www.oneheritageplc.com will
automatically redirect to the new website.