Northacre PLC Updates On Recommended Mandatory Cash Offer By Spadille Limited

Northacre PLC announced that On January 17, 2013, Spadille announced a mandatory cash offer to acquire the entire issued and to be issued share capital of Northacre, the full terms and conditions of which and the procedures for acceptance were set out in the offer document posted to Northacre Shareholders on February 07, 2013 (Offer Document). On february 15, 2013, Spadille announced that the Offer was wholly unconditional. On March 01, 2013, Spadille announced that the Offer would remain open for acceptances until March 14, 2013. On 14 March 2013, Spadille had received valid acceptances of the Offer in respect of 4,496,400 Northacre Shares (representing approximately 16.8 per cent. of the existing issued share capital of Northacre). Included within this number are 3,972,998 Northacre Shares for which valid acceptances were received on or prior to February 28, 2013. Spadille expects to complete the purchase of all Northacre Shares for which valid acceptances have been received as soon as practicable. Together with the 13,365,000 Northacre Shares acquired by Spadille prior to 15 February 2013, the number of Northacre Shares acquired by Spadille or for which valid acceptances had been received by Spadille prior on March 14, 2013 is 17,861,400 Northacre Shares, representing 66.8 per cent. of Northacre's issued share capital. Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.