Update

    RNS Number : 0965K
  Equable Properties PLC
  15 December 2008
   

    Equable Properties plc ("Equable" or the "Company")

    Proposed acquisition of commercial premises in Hull
    Termination of the proposed acquisition of properties owned by Peter McCann
    Resignation of Finncap as Nominated adviser & broker

    Proposed Acquisition of commercial property in Hull

    Equable is pleased to announce that it has exchanged contracts to acquire a commercial property in Hull. 

    The property is a 4.4 acre site with some 58,000 square feet of industrial space which was constructed in 1985 and is let on a 10 year
lease at a current rent of £185,000. The property was valued on 27 October 2008 by Colliers CRE at £2.05 million.

    The purchase consideration is £2.05 million which will be satisfied by £1.3 million in cash and the issue of 75 million new ordinary
Equable shares issued at 1p per share. The directors will seek to raise the cash element of the purchase consideration from a bank and the
acquisition is conditional upon the return of Equable's shares to trading on AIM.

    It is the intention of the directors to seek a return to trading for Equable's shares on AIM when the Company is able meet the
requirements of a new applicant.

    Termination of the discussions to purchase several assets owned by Peter McCann

    The Company announces that it has not proved possible to conclude the previously announced acquisition by Equable of several properties
owned by Peter McCann, which would have constituted a reverse takeover under the AIM Rules. Despite this, as the Company has not yet
produced it annual accounts for the year to 31 March 2008, the suspension of the Company's shares from trading on AIM will not be lifted.

    Under the AIM Rules Equable's AIM listing will be cancelled if its shares are suspended for more than 6 months. Equable's shares were
first suspended on 2 July 2008. Accordingly, to avoid the cancellation of Equable's listing on AIM an admission document would need to be
published 2 January 2009.

    Given the time now available the directors do not believe it is practical for a admission document containing, inter alia, the details
of the proposed acquisition in Hull and the audited financial results for the year to 31 March 2008, to be produced in sufficient time to
avoid the mandatory cancellation of the listing at 7am on Monday 5 January 2009.

    Resignation of Finncap as Nominated Adviser & broker

    Equable's shares will not resume trading before the expected cancellation date of 5 January 2009. Accordingly, Finncap, has resigned
with immediate effect as Equable's nominated adviser and broker.

    For further information:

 Desmond Bloom, Chief Executive Officer  Equable Properties plc  07793 125 625



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