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5 October, 2006 - 17:48 By Staff Reporter

Telford Homes to raise £15m

Herts-based Telford Homes is to raise £15 million in a share placing that will be used to fund investment in further London-based land opportunities for development.The company is confident that the future of its particular market niche – North and East London-based new developments comprising principally one and two bedroom apartments with an average selling price of around £250,000 – is strong and intends to acquire further sites for residential development.

The placing will comprise over 5.7m shares at 260p per share and is conditional on shareholder approval.

Backing will also be sought for a Share Plan and Employee Trust, which Telford hopes will encourage its senior executives to invest in the company’s shares.

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