The Lancasters Update

RNS Number : 8029C

Northacre PLC

04 May 2012

ANNOUNCEMENT

4 May 2012

Northacre PLC ("Northacre")

Update

The Lancasters Dividend

The Company is pleased to announce that a 2nd interim dividend of £3.0m has been received from Lancaster Gate (Hyde Park) Ltd, our joint venture with Minerva. The Company will utilise the funds to reduce debt and for working capital purposes.

This 2^nd interim dividend represents full payout of the 2^nd tier of profitshare for Northacre under the joint venture agreement. The next receipt will be within the 3^rd tier.

The Lancasters Development reached its full practical completion on the 25^th November 2011, and there continues to be good progress in Sales.

Enquiries:

Northacre PLC

Klas Nilsson (Chairman)

Ken MacRae (Chief Executive Officer)

Tel: (020) 7349 8000

Hudson Sandler Ltd

Michael Sandler

(020) 7796 4133

Peel Hunt LLP (Nominated Adviser and Broker)

Capel Irwin

Harry Florry