One Heritage Group plc (OHG)

Released 07:00:17 25 March 2021
One Heritage Group plc (OHG)
One Heritage Group plc: Interim Results

25-March-2021 / 07:00 GMT/BST
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Placing, Subscription and Acquisition in Stockport

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North West of England, is pleased to announce the successful completion of a Placing (the “Placing”), Subscription (the “Subscription”) and exchange of contracts for the purchase of Plus House, Stockport (“Plus House”).

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North West of England, is pleased to announce its interim results for the six months ended 31 December 2020.

Operating highlights

• Successfully listed on the Standard List of the London Stock Exchange on 23 December 2020, raising gross proceeds of £930,000.
• Restructured the Group in advance of listing, which included the disposal of two assets and the conversion of £2.75 million in shareholder funding into equity.
• Acquired 2 developments, Oscar House, Manchester and Bank Street, Sheffield for £1.2 million and £0.8 million, respectively.
• The Group appointed two independent non-executive directors, Mr David Izett as Chairman, and Mr Jeff Pym, and expanded the Executive Management Team with the appointment of Luke Piggin as Finance Director and Martin Crews as Development Director.

Financial highlights

• The Group reports a net asset value of £2.8million, 9.25p per share, in its first reporting period following the listing.
• Reports a loss for the period of £226,986 as the Group invested in its infrastructure for future growth while progressing existing developments, which are expected to complete and generate profits in the next financial year.
• Agreed an increase in its £5.0 million loan facility with its majority shareholder to £7.5 million to support future acquisitions.

Subsequent Events

• Successful placing and subscription of 1.83m ordinary shares, announced on 18 February 2021, raising gross proceeds of £548,500.
• Contracts exchanged for the purchase of Plus House, Stockport, for £725,000, with expected completion of the purchase on 31 March 2021.

Contacts

Jason Upton

Chief Executive Officer

Email: jason.upton@one-heritage.com

Luke Piggin

Finance Director

Email: luke.piggin@one-heritage.com

Hybridan LLP (Financial Adviser and Broker)

Claire Louise Noyce

Email: claire.noyce@hybridan.com

Tel: +44 (0)203 764 2341