Zentra Group PLC saw its shares tumble on Friday afternoon as it updated the market on progress with its ongoing transformation.

The Manchester-England based residential developer focused on the north of England reported the completion of 3 transactions initially outlined in last month’s strategic update.

It said it has acquired a 30% stake in the Manchester-based One Victoria project for £3 million, through utilising its existing shareholder loan facility.

The firm added that is also completed the sale of a portfolio of residential and commercial properties with a value of £7 million to OH UK Holdings Ltd, but with the proceeds of this sale reducing to £5 million due to £2 million in debt linked to the transaction.

The firm said the net proceeds from the deal will be used to reduce its existing shareholder facility from £14 million to £9 million.

Its shares were down 16% at 6.75 pence on Friday afternoon in London.

Zentra added that its previously announced loan facility with OHUK is now available following the completion of these transactions and has been drawn down in full, with it being used to partially repay the existing facility.

It said the £2 million remaining balance of the facility has been written off by OHPD.

The firm also confirmed its shares will be delisted from the main market on December 11, with its shares expected to commence trading on the access segment of the AQSE Growth Market on the same day.

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