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Probus Estates PLC (PBE)

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Tuesday 20 April, 2004

Probus Estates PLC


Probus Estates PLC
20 April 2004


The Directors of Probus Estates PLC (the 'Company' or the 'Group') announce that
the sale of Revostiney S.L. and its subsidiaries to Gran Casino Nervion S.A.,
which was announced on 20 January 2004, has been completed.  The principal asset
of the Revostiney group is the Casino de Mallorca and the land adjacent to it.

As previously announced, the gross consideration was €27 million.  After
adjustment for mortgage debt and other liabilities, the net amount receivable is
€13.1 million, of which €3 million had previously been paid by way of deposit.
Consequently, a further payment of €10.1 million has now been received.

Completion accounts are currently being compiled which, the Directors believe,
will result in an additional amount being payable to the Company, which is not
expected to be material.

The funds received have been applied to reduce the outstanding indebtedness of
the Company in accordance with the standstill agreement entered into with the
Group's largest creditor, Uni-Invest N.V.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                

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