Ishaan Real Estate PLC Extension of Disposal Long Stop Date (9222A)

TIDMISH

RNS Number : 9222A

Ishaan Real Estate PLC

26 March 2013

26 March 2013

Ishaan Real Estate plc

("Ishaan Real Estate" or the "Company")

Extension of Disposal Long Stop Date

On 21 February 2013, Ishaan Real Estate announced the proposed sale of the Company's entire Property Interests to Chalet Hotels Private Limited, a member of the K Raheja Corp Group, and other entities connected with K Raheja Corp Group, for an aggregate consideration of approximately GBP70.3 million in cash (the "Disposal"). The Disposal was subsequently approved by Shareholders on 11 March 2013.

The Disposal remains conditional upon the obtaining of a nil withholding tax certificate from the Indian tax authorities confirming that no withholding tax is required to be deducted at source in relation to the consideration payable to the Group for the sale of the Property Interests. At the time of the original announcement on 21 February 2013, it was expected that this condition precedent to the Disposal would be satisfied by 28 March 2013. However, while progress continues to be made towards obtaining the nil withholding tax certificate, the Board has been advised that it is now expected that this process will be completed by the end of April 2013. As a result, the Board has agreed to extend the long stop date for the satisfaction of this condition precedent to 30 April 2013. All the other terms and conditions of the Disposal remain as set out in the circular sent to Shareholders on 22 February 2013 (the "Circular").

It is now expected that the initial shareholder distribution will be made in June 2013.

A further announcement will be made in due course.

Defined terms in this announcement have the same meanings as set out in the Circular.

Enquiries:

 
 Deutsche Bank AG, London Branch (NOMAD and broker to the Company) 
  Ben Lawrence 
  John O'Driscoll 
  Tel: [phone] 
 College Hill (PR advisers to the Company) 
  Mike Davies 
  Tel : [phone] 
  Email: [e-mail] 
 

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and authorised and subject to limited by the Financial Services Authority. Details about the extent of Deutsche Bank AG's authorisation and regulation by the FSA are available on request.

Deutsche Bank AG is acting for the Company and no one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Deutsche Bank nor for providing advice in connection with the Disposal.

This information is provided by RNS

The company news service from the London Stock Exchange

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