Re Appeal

Northacre PLC
25 November 2005



                                 NORTHACRE PLC

                                 APPEAL REFUSAL

Following the Public Inquiry on 20th September 2005 the Planning Inspectorate
has decided to refuse planning permission for a residential scheme at Vicarage
Gate House. This surprising and disappointing outcome inevitably results in
further delays in determining a viable use for the site. Following an initial
review of the Inspectors report, we anticipate that it is likely that Northacre
and its joint venture partners will wish to pursue the planning process further
with a view to securing its residential proposal.



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