REG - Northacre PLC - The Lancasters Update
4 May 2012
Northacre PLC ("Northacre")
The Lancasters Dividend
The Company is pleased to announce that a 2nd interim dividend of £3.0m has been received from Lancaster Gate (Hyde Park) Ltd, our joint venture with Minerva. The Company will utilise the funds to reduce debt and for working capital purposes.
This 2nd interim dividend represents full payout of the 2nd tier of profitshare for Northacre under the joint venture agreement. The next receipt will be within the 3rd tier.
The Lancasters Development reached its full practical completion on the 25th November 2011, and there continues to be good progress in Sales.
Klas Nilsson (Chairman)
Ken MacRae (Chief Executive Officer)
Tel: (020) 7349 8000
Hudson Sandler Ltd
(020) 7796 4133
Peel Hunt LLP (Nominated Adviser and Broker)
Tel: (020) 7418 8900
This information is provided by RNS