Cancellation of Admission (7945D)

TIDMNLD

RNS Number : 7945D

Nordic Land PLC

22 May 2012

Nordic Land plc (in Liquidation) (the "Company" and, together with its subsidiaries, the "Group")

Cancellation of Admission, Second Capital Distribution and Liquidation Timetable

Suspension of Listing Timetable

Nordic Land plc (in Liquidation) announces that, as announced previously, the admission to AIM of the Company's shares will be cancelled with effect from 7.30 a.m. on 29 May 2012.

Second Capital Distribution

Following the release of the escrow and retention amounts, the full proceeds of the sale of the Group's properties have now been received by the Group. The Board confirms that Nordic Land expects to make a second capital distribution (the "Distribution") to its shareholders by 30 June 2012.

Following an adverse movement in the GBP: SEK exchange rate (the "Exchange Rate"), the Distribution may now be slightly less than the 12 pence per share which had been previously indicated. The Board is currently exploring the possibility of converting Swedish Krona into Sterling in the short term so as to limit the impact of further adverse movements in the Exchange Rate on the amount of the Distribution. Further announcements will be made in due course.

The shares will continue to be eligible to be held in CREST until after the payment of the Distribution.

Liquidation timetable

Following the payment of the Distribution to shareholders, the process of liquidating the Group will commence. The winding up of the Group is expected to conclude during the second quarter of 2013. Any funds remaining at the end of the liquidation process will be distributed to shareholders at that stage.

For further information please contact:

Nordic Land plc

   Ray Horney                                                                 [phone] 

SP Angel Corporate Finance LLP

   Robert Wooldridge/ Tercel Moore                              [phone] 

Matrix Corporate Capital LLP

   Stephen Mischler                                                        [phone] 

Bankside Consultants

   Simon Rothschild                                                       [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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