The Lancasters Update

RNS Number : 8731Q

Northacre PLC

11 August 2010

 

 

The Lancasters Update

11^th August 2010

Northacre Plc ("the Company") notes today's announcement by Minerva Plc in relation to their EGM Circular.

The Company confirms the details in the circular regarding The Lancasters in terms of the profit sharing scale which is per our Joint Venture Agreement with Minerva Plc. The Company will be entitled to profits on the following sliding scale:

Profits upto 10% of Project Costs                              5%

Profits between 10% and 15% of Project Costs        20%

Profits between 15% and 20% of Project Costs        40%

Profits above 20% of Project Costs                           50%

ENQUIRIES:

NORTHACRE PLC           020 7349 8000

Klas Nilsson                          Chairman and Chief Executive

Manish Santilale                   Finance Director

KBC PEEL HUNT             020 7418 8900

Capel Irwin

 

END

 

 

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