AGM Statement - Replacement

RNS Number : 2666F

Northacre PLC

07 October 2008

This announcement replaces the AGM Statement announcement released on the RNS system on the RNS no 1003F on Friday 3 October at 16.46. An amendment has been made to the first bullet point, it previously read €105m instead of £105m. The full correct announcement text appears below.

NORTHACRE PLC (the 'Company')

Results of the AGM and Update

01 October 2008

At the Company's AGM held on 1st October 2008, all the resolutions were duly passed. John Hunter, CEO, made the following statement:

Despite the absence of any development profit, it has been another year of progress at Northacre:

At The Lancasters demolition and construction is on schedule with £105m of early sales revenue already secured.

At The Vicarage a second Public Inquiry hearing has been delayed until 24th November 2008 for which we anticipate a determination early in 2009.

At The Kensington (Odeon) planning consent has been granted and a Section 106 legal agreement is now ready for signing.

At The Warwick a further planning consent has been granted and the wording of a S106 legal agreement is under negotiation.

Although the prime sector for residential property is not entirely insulated from the current financial turmoil, it remains our firm view that the demand and core values in this sector of the property market, will in the main, continue to hold up.