Planning Application Approved For Clifford's Inn

RNS Number : 6271V

CLS Holdings PLC

16 January 2013

Release date: 16 January 2013

Embargoed until: 07:00 am

CLS Holdings plc

("CLS", the "Company" or the "Group")

Planning Application approved for prime mid-town office and residential

Clifford's Inn, Fetter Lane, EC4

CLS Holdings plc announces that planning approval has been granted on plans to comprehensively refurbish the existing office space at its prime mid-town property, Clifford's Inn, Fetter Lane, EC4 over lower ground, ground, first and second floors, and to undertake a complementary infill extension. This will provide new, high-specification, Category 'A', air-conditioned office accommodation, with a gross internal area totalling 3,423 sq m, behind a new, high-quality Portland stone façade.

In addition, the scheme includes the provision of eight new residential apartments within the front portion of the first and second floors of the existing office space, providing a total of 500 sq m of residential accommodation. The eight new apartments will consist of one and two-bedroom dwellings on each floor.

The refurbishment is scheduled to start in the second quarter of 2013, with completion 12 months later, at a cost of £9.1 million.

Executive Chairman of CLS, Sten Mortstedt, commented:

"We are very pleased to have secured planning approval in this prime location to substantially enhance the Group's property into high quality offices and residential apartments, and look forward to starting the refurbishment shortly. This project will create hundreds of construction jobs over the next 15 months."

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For further information, please contact:

CLS Holdings plc +44 (0)20 7582 7766

www.clsholdings.com

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman

Richard Tice, Chief Executive Officer

Liberum Capital Limited +44 (0)20 3100 2222

Tom Fyson

Charles Stanley Securities +44 (0)20 7149 6000

Mark Taylor

Kinmont Limited +44 (0)20 7087 9100