Sale of Properties (5188U)

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RNS Number : 5188U

Nordic Land PLC

18 October 2010

18 October 2010

Nordic Land plc

Sale of Properties

Following the passing of the resolution at the shareholder meeting on 7 October 2010, Nordic Land Plc ("Nordic Land" or the "Company") is pleased to announce the completion of the sale of the subsidiaries which own its two principal properties, being Terminalen in Helsingborg and Lackeraran in Borlange. The total gross consideration from the sale is SEK 661 million (including cash released to Nordic Land from the subsidiaries).

The sale of its remaining property in Sicklaon has had to be delayed because Lehman Brothers International Europe, as security agent has been unable to locate the relevant mortgage certificates without which the sale cannot proceed as planned. This sale has been postponed to 10 November 2010. If the sale completes on this date, there is not expected to be any change in the timing of the distributions to shareholders as set out in the circular sent to shareholders dated 17 September 2010 (the "Circular").

Under the terms of the Group's loan facilities, it has had to repay the full amount of the bank borrowings (together with the prepayment fees and break costs) including the borrowings on the Sicklaon property.

Further details of the sale agreements are set out in the Circular.

Contacts:

Nordic Land plc

Ray Horney, Chairman Tel: + 44 (0) 1273 775225

SP Angel Corporate Finance LLP Tel: + 44 (0) 20 7647 9650

Robert Wooldridge

Matrix Corporate Capital LLP

Stephen Mischler Tel: + 44 (0) 20 3206 7203

Bankside Consultants Ltd Tel: + 44 (0) 20 7367 8888

Simon Rothschild

This information is provided by RNS

The company news service from the London Stock Exchange

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