Crescent Entertainment Disposal Leaves No Surplus

Quintain Estates & Development PLC
12 January 2000


Quintain Estates & Development plc

Quintain Estates & Development plc and the former non-
executive directors of Chesterfield Properties plc
('Chesterfield'), (the latter in their role as Trustees under
the Trust Deed dated 16 July 1999 relating to the letters of
entitlement issued to former Chesterfield ordinary
shareholders ('Trust Deed')) announce, with regret, that there
will be no distributable surplus for former Chesterfield
ordinary shareholders from the disposal of Crescent
Entertainment.

Despite intensive negotiations with potential purchasers over
(approximately) the last six months, it was not possible to
conclude a contract for the disposal of the West End theatres
owned by Chesterfield by 31 December 1999, which was the
deadline for participation in any distributable surplus.

Quintain Estates and Development plc are still actively
continuing negotiations for the sale of the theatres.

Enquiries:

Nick Shattock, Quintain Estates & Development plc   0171 495 8968
Bob Boas, c/o Warburg Dillon Read                   0171 568 2913