Posting of Scheme Document

RNS Number:7634Q
DEV Property Development PLC
26 March 2008

 Not for release, publication or distribution, in whole or in part, in, into or
    from any jurisdiction where to do so would constitute a violation of the
               relevant laws or regulations of such jurisdiction.

                                                                   26 March 2008



RECOMMENDED ACQUISITION OF DEV PROPERTY DEVELOPMENT PLC ("DPD") BY INDIABULLS
REAL ESTATE LIMITED ("IBREL") - POSTING OF SCHEME DOCUMENT

On 27 February 2008, the board of directors of IBREL and the Independent
Directors of DPD announced that they had reached agreement on the terms of a
recommended offer for the entire issued and to be issued share capital of DPD by
IBREL, to be effected by means of a Court-sanctioned scheme of arrangement under
section 152 of the Isle of Man Companies Act 1931.

The DPD directors are pleased to announce that the Scheme Document, which sets
out, amongst other things, the full terms and conditions of the Scheme and an
explanatory statement, together with the action to be taken by DPD Shareholders,
was posted to DPD Shareholders yesterday. Notices convening the Court Meeting
and the Extraordinary General Meeting to be held at Simcocks Trust Ltd, Top
Floor, 14 Athol Street, Isle of Man, IM1 1JA on Thursday, 24 April 2008 at 11:30
a.m. and 11:45 a.m. (or, with respect to the Extraordinary General Meeting, as
soon thereafter as the Court Meeting is concluded or adjourned) respectively are
contained in the Scheme Document. Subject to the satisfaction or waiver of the
conditions of the Scheme, it is expected that the Scheme will become effective
on 8 May 2008.  If any of the expected dates change, DPD will give adequate
notice of the change by issuing an announcement through a Regulatory Information
Service.

Following, and conditional upon, the Court's approval at the Court Meeting and
the Scheme becoming effective, it is expected that the admission of the
Company's Ordinary Shares to trading on AIM will be cancelled with effect from
7.00 a.m. on 8 May 2008. Copies of the Scheme Document will be available for
inspection during normal business hours on Monday to Friday of each week (public
holidays excepted) as soon as practicable after this announcement up to and
including the Effective Date at the registered office of DPD being Top Floor, 14
Athol Street, Douglas, Isle of Man IM1 1JA and at the offices of Skadden, Arps,
Slate, Meagher & Flom (UK) LLP, 40 Bank Street, London E14 5DS.

Unless the context otherwise requires, terms defined in the announcement dated
27 February 2008 have the same meaning in this announcement.



Enquiries
DPD                                              Telephone: [phone]
Rishi Khosla
Richard Melhuish


Numis                                            Telephone: [phone]
Michael Meade
Nick Westlake


The directors of DPD accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the directors of DPD
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

Numis Securities Limited, which is authorised and regulated in the UK by the
FSA, is acting exclusively for DPD as the independent financial adviser to DPD
for the purposes of providing independent advice to the directors of DPD on the
Acquisition under Rule 3 of the City Code and no-one else in connection with the
Acquisition and will not be responsible to anyone other than DPD for providing
the protections afforded to clients of Numis Securities Limited nor for
providing advice in relation to the Acquisition or any other matters referred to
in this announcement.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
"Code"), if any person is, or becomes, "interested" (directly or indirectly) in
1% or more of any class of "relevant securities" of DPD , all "dealings" in any
"relevant securities" of that company (including by means of an option in
respect of, or a derivative referenced to, any such "relevant securities") must
be publicly disclosed by no later than 3.30 pm (London time) on the London
business day following the date of the relevant transaction.  This requirement
will continue until the date on which the Scheme becomes effective, lapses or is
otherwise withdrawn or on which the "offer period" otherwise ends.  If two or
more persons act together pursuant to an agreement or understanding, whether
formal or informal, to acquire an "interest" in "relevant securities" of DPD ,
they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of DPD by IBREL or DPD, or by any of their respective "associates",
must be disclosed by no later than 12.00 noon (London time) on the London
business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities.  In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks within this section are defined in the Code, which can
also be found on the Panel's website.  If you are in any doubt as to whether or
not you are required to disclose a "dealing" under Rule 8, you should consult
the Panel.


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