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Probus Estates PLC (PBE)

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Thursday 26 February, 2004

Probus Estates PLC

Standstill Agreement

Probus Estates PLC
26 February 2004



The Directors of Probus Estates PLC ('Probus' or the 'Company') announce that on
25 February 2004 a letter was received from the Company's principal creditor,
Uni-Invest Holding B.V. ('Uni-Invest') (the 'Letter').

On 31 January 2003, the Company entered into a standstill agreement with
Uni-Invest (the 'Standstill Agreement') in respect of amounts owing under a loan
facility and a guarantee agreement.  The Standstill Agreement expired on 31
December 2003, but was extended to 30 June 2004.

Uni-Invest has given notification in the Letter of a number of matters which it
asserts constitute defaults under the Standstill Agreement, as well as the
underlying loan facility and guarantee agreement.  These matters relate
primarily to a change in the financial position and prospects of Probus.  This
is evidenced, inter alia, by the breaches of the loan agreement with Munchener
Hypothekenbank  ('the Bank') as announced on 11 February 2004, in respect of
which discussions continue with the Bank.

Uni-Invest asserts in the Letter that it is therefore entitled to make demand
for the immediate repayment of all sums due and further states that it reserves
all of its rights including its right to make demand at any time for the
immediate payment of all sums due. The Letter does not itself constitute such a

In the event that Uni-Invest lawfully demands the immediate repayment of the
sums due, the Company would not be in a position to pay such amounts and would
be likely to enter insolvency proceedings.  If this were to occur, trading in
the Company's shares would be suspended.

A further announcement will be made in due course if appropriate.

                      This information is provided by RNS
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