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Share Name | Share Symbol | Market | Type |
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Netapp Inc | TG:NTA | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 120.86 | 120.10 | 121.30 | 0.00 | 09:25:06 |
RNS Number:1048Q Northacre PLC 24 September 2003 Northacre PLC ("Northacre" or "the Group") AGM Trading Statement and Offer Update At today's Annual General Meeting of Northacre PLC, the premier developer of landmark residential property schemes in Central London, Executive Chairman Klas Nilsson will make the following statement: "Progress on our developments continues apace. "Practical completion on the KINGS Chelsea development is imminent with the majority of units sold. There remain only 14 apartments available for sale. Upon the sale of these units the Group can expect to realise the profit share to which it is entitled. "The Phillimores (Queen Elizabeth College) remains on track with practical completion scheduled towards the end of 2004. There has been a good level of interest in this prime development with continued sales off plan. Our profit participation remains unchanged with the maximum of #2.75 million, realisable in stages, dependent on sales revenues generated. "We have submitted the planning application for our joint venture with First Islamic Investment Bank for the development of Vicarage Gate House, Kensington, and we anticipate planning consent to be secured either on a local level or on appeal in 2004. "Our Lifestyles (Interiors) business suffered from reduced income in the first half of the 2003 financial year; however we have seen recent improvement in activity with an increased pipeline of secured work. We expect further improvement in revenues in the second half and into 2005. "On 15 August 2003, it was announced that Northacre had received a preliminary approach from Klas Nilsson and John Hunter, respectively Executive Chairman and Chief Executive, that may or may not lead to an offer for the Group. Discussions are progressing but remain at an early stage. All of the directors of Northacre have or may have an interest in any such offer or a continuing role subsequent to the completion of any such offer, and therefore would have a conflict of interest that would preclude them from providing advice to shareholders on the terms of an offer. Northacre PLC has appointed, in accordance with the requirements of the City Code on Takeovers and Mergers, Navigatorltd Limited (" Navigator"), to provide independent advice to the company in relation to the terms of any offer and the substance of such advice will be made known to shareholders. Klas Nilsson and John Hunter will be appointing their own independent Financial advisor. "The prime residential London market place remains challenging. However, Northacre is the premier developer of landmark residential property schemes in Central London. It is the very nature of our business that we continue to seek opportunities in the market. "Northacre expects to announce interim results for the six months to 31 August 2003 on Friday 3 October." 24 September 2003 Enquiries: Northacre PLC Tel: 020 7349 8000 Simon Elgar, Finance Director Navigatorltd Limited Tel: 020 7520 9248 Adam Webb College Hill Associates Tel: 020 7457 2020 Kate Pope The directors of Northacre PLC accept responsibility for the information contained in this document. To the best of the knowledge and belief of such directors (having taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information. Navigatorltd Limited is regulated in the United Kingdom by The Financial Services Authority, and is acting for Northacre PLC and no one else in connection with any offer for Northacre PLC and the matters referred to herein. Navigatorltd Limited will not regard any other person as its customer in relation to any offer for Northacre PLC and the matters referred to herein and will not be responsible to anyone other than Northacre PLC for providing the protections afforded to customers of Navigatorltd Limited nor for giving advice in relation to any offer for Northacre PLC and the matters referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END AGMGCGDCUUDGGXS
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