Acquisition

RNS Number:4430O
Magnum Power PLC
07 August 2003



MAGNUM POWER PLC AGREES TO ACQUIRE SCOTTISH LEISURE PARK

Magnum Power ("Magnum") has today, through its wholly owned subsidiary Fullwork
Ltd ("Fullwork"), exchanged a contract to purchase the Feuhold of the Stack
Leisure Park, Lochee, Dundee for #7,105,000.

The completion date is 2 August 2004 or earlier upon Fullwork giving the Vendor
4 weeks written notice. This has been agreed on the basis that Magnum is
reviewing its financing options. A deposit of 10 per cent of the purchase price
will be paid shortly


The Stack Leisure Park consists of 7 purpose built units totaling 152,953 square
feet. Unit 2 which comprises 25,626 square feet is let to Gala Holdings Ltd
(trading as Gala Bingo); Unit 3 which comprises 43,127 square feet is let to
Megabowl Ltd (trading as Megabowl). Together these two units produce rent of #
621,925 on leases expiring in 2016. The balance of the space of circa 84,200
square feet in the other 5 units is currently vacant and formerly traded as two
restaurants, a cinema and a nightclub.

Magnum is in dialogue with a number of potential tenants for the vacant space
and is also in discussions with the Local Authority regarding a potential change
of use to include, but not be limited to, retail zoning. The Board is confident
of making further announcements in relation to tenancies and applications in due
course. The transaction represents the first step in the establishment of Magnum
Power's new business strategy. The Board believes that it will deliver value to
shareholders over time significantly in excess of the acquisition and financing
costs.

Completion of this transaction will be regarded as a reverse takeover under the
AIM rules and a circular to shareholders will be issued in due course.



7 August 2003




Contacts:

Edward Adams, Chairman, Magnum Power plc   07967 008448

Rod Venables, Beaumont Cornish Limited     020 7628 3396

Anne-Marie Wilkinson, Beattie Financial     020 7398 3300




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

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