Formation Group rises on acquisition of London development site

11th Apr 2014 12:15

A subsidiary of AIM-listed construction and property firm Formation Group has exchanged on the purchase of a development site in London for a consideration of 5.9m pounds. A 10% deposit has been paid on the exchange, with the balance payable on completion in October.The development consists of 19 apartments and one commercial unit, and is due to be completed within a 16-month period. "The board intends to seek other development opportunities within London and the South East and will make further relevant announcements in due course," it said. The share price jumped 10.14% to 1.90p by 12:18 on Friday. NR