Re Disposal of Shareholding

RNS Number:8089Q
St. Modwen Properties PLC
13 October 2003



For immediate release                                            13 October 2003


                           St. MODWEN PROPERTIES PLC

                   COMPLETION OF DISPOSAL OF SHAREHOLDING IN
                            NORTHERN RACING LIMITED

Having received shareholder approval at the Extraordinary General Meeting of the
Company held on 6 October 2003, St. Modwen Properties plc today announces the
completion of the disposal of its 35 per cent shareholding in Northern Racing
Limited to The Chepstow Racecourse plc.

The consideration payable to St. Modwen has been satisfied by the issue and
allotment of 9,573,412 new ordinary shares in Chepstow. These shares are being
admitted to AIM today. St. Modwen's resulting 27.2 per cent shareholding in
Chepstow is valued at approximately #17.9m at the closing quoted mid-market
price of 186.5p pence on 10 October 2003.

Anthony Glossop, Deputy Chairman & Chief Executive of St Modwen, said:

"This transaction has provided us with a public listing for our long standing
and successful investment in Northern and we believe that, as a result of this
transaction, the business's prospects will be enhanced to the benefit of all
shareholders."

                                    - Ends -

For further information please contact:

St. Modwen Properties PLC                                     www.stmodwen.co.uk

Anthony Glossop, Deputy Chairman & Chief Executive                 0121 456 2800
Bill Oliver, Managing Director
Tim Haywood, Finance Director

Weber Shandwick Square Mile
Reg Hoare / Katie Hunt                                             020 7067 0700


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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