5th May 2005 12:39
Terrace Hill Group PLC05 May 2005 For immediate release 5 May 2005 TERRACE HILL GROUP PLC ("the Group" or "Terrace Hill") Result of Extraordinary General Meeting Acquisition of Minority Interest - Transaction with Director Terrace Hill, the AIM traded property group, announces that at the ExtraordinaryGeneral Meeting of the Group, held on 5 May 2005, shareholders approved theimplementation of the acquisition of the outstanding 15% of Terrace Hill NorthEast Limited ("THNE") from Philip Alexander Leech, Managing Director of TerraceHill, as referred to in the announcement by the Group made on 19 April 2005. Pursuant to the Share Purchase Agreement between Mr Leech and the Group dated 18April 2005 the consideration of £1,116,357 has been satisfied half in cash andhalf by the issue to Mr Leech of 1,395,447 new Ordinary Shares of 2p each ofTerrace Hill at a price of 40p each. Application has today been made for the 1,395,447 new Ordinary Shares formingpart of the consideration to be admitted to trading on the AIM market and it isexpected that dealings in the new Ordinary Shares will commence on 11 May2005.The new Ordinary Shares will rank pari passu with all existing Terrace Hillshares in issue and following completion of this acquisition, the Group has187,218,824 Ordinary Shares of 2p nominal value in issue. Subsequent to the issue of the new Ordinary Shares to Mr Leech, the interest ofMr Leech in the share capital of the Group has increased to 1,464,447 OrdinaryShares representing 0.78% of the enlarged issued share capital of the Group. Contacts: Robert Adair, Chairman, Terrace Hill Group PLC Mob: 07973 710 774 Tel: 01845 537 037 Nigel Turnbull, Deputy Chairman, Terrace Hill Group PLC Tel: 0207 631 1666 Hugo de Salis/Isabel Crossley, St Brides Media & Finance Ltd Tel: 0207 242 4477 Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677 Notes to editors: Terrace Hill Group PLC is an AIM traded Property Group with NAV £70 million. Ithas two divisions, Commercial Development throughout the UK and ResidentialInvestment and Development in Scotland and the North of England, with adevelopment programme of almost £600 million with approaching £200 millionunderway. Terrace Hill recently reported an increase of over 25% in both NAV andpro-forma Triple NAV to 38.12p per share and 39.99p respectively in the year to31 October 2004, and an increase in final dividend from 0.15p per share to 0.50pper share. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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