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Probus Estates PLC (PBE)

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Friday 19 December, 2003

Probus Estates PLC

Potential Disposal

Probus Estates PLC
19 December 2003


The Directors of Probus Estates PLC ('Probus', the 'Company' or the 'Group')
announce that the Company has agreed heads of terms for the sale of Revostiney
S.L. and its subsidiaries (the 'Revostiney Group').  The Revostiney Group holds
the Group's investment in the Casino de Mallorca and land adjacent to it.

The proposed purchaser is currently carrying out due diligence.  Under the heads
of terms, which are not legally binding, the gross consideration for the sale is
Euro 27 million out of which Probus will settle various liabilities totalling
around Euro 13 million, including gaming tax and the mortgage secured on the
casino.  The proposed purchaser has deposited Euro 500,000 into an escrow
account.  This will become non-refundable once a conditional sale and purchase
agreement has been completed, together with a further deposit of Euro 2,500,000.

A further announcement will be made in due course.

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

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