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Property Recycling (PROP)

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Friday 31 August, 2007

Property Recycling

Re Option

Property Recycling Group PLC
31 August 2007

31 August 2007

                          Property Recycling Group Plc
                             ('Property Recycling')

                             Option Granted At Brigg


Property Recycling (AIM: PROP), which acquires and prepares brownfield sites for
development, is pleased to announce that it has granted ECO2 North Lincs Limited
('ECO2') an option over five hectares on its 50 hectare site at Brigg,
Lincolnshire.

Under the terms of the option agreement ECO2 has paid an upfront fee for an
option for 36 months to purchase the land for development of a biomass power
station. If planning appeals are necessary and in progress when the option
period expires the option may be extended for six months on payment of a further
fee. The purchase price under the agreement is £2 million. ECO2 is responsible
for preparing and submitting the planning application. If planning is approved,
and accepted by ECO2, they must exercise the option within 6 weeks, or pay an
additional option fee to extend the exercise date which must be within the 36
month period or the option lapses.

Commenting Paul Rackham, Chairman, said:

'I am pleased to report the agreement with ECO2. The exercise of the option
would result in a major development on this site and leave us with 45 hectares
for further industrial, commercial or residential development.

We continue to examine the opportunities for improved value at Brigg which
includes maximising our short term income. We have recently granted a two year
lease to a recycling company at an annual rental of £60,000 and are progressing
proposals for mixed use development of the remaining 45 hectares.'



For further information please contact:

Paul Rackham, Chairman
Property Recycling Group plc
01953 717176
www.propertyrecycling.co.uk

David Williams, Managing Director
ECO2 Ltd
029 2020 2100
www.eco2.uk.com

Noelle Greenaway, Nominated Adviser
Insinger de Beaufort
020 7190 7000

Jeremy Carey/Rachel Drysdale
Tavistock Communications
[email protected]
020 7920 3150

John Webb, Broker
Marshall Securities
020 7490 3788



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

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