Homebuilder Trafalgar New Homes plc agreed to purchase Beaufort Homes Ltd. for 186,815,190 ordinary Trafalgar shares.
Beaufort Homes develops specialized housing for the elderly, with an initial focus on affluent urban areas near London and Surrey in England.
Trafalgar is also seeking shareholder approval to change its name to Trafalgar Property Group plc and for a share capital reorganization at a general meeting of shareholders March 16.
After the purchase, there will be two distinct business divisions of the enlarged group. The proposed name change is meant to reflect its position as the parent company of the group.
The company's shares will continue to trade under the AIM symbol TRAF following the name change.
