Helical Bar Regulatory News (HLCL)

21 June 2012

HELICAL BAR PLC

("Helical Bar", the "Group", "Company")

DIRECTORATE CHANGES

Appointment of new Chairman, Finance Director and two independent non-executive directors

Having been on the Board for almost 19 years, the last seven as Chairman, Giles Weaver has advised the Company that he does not intend standing for re-election as a non-executive director at this year's Annual General Meeting ("AGM") to be held on 24 July 2012. Fellow long-serving directors Antony Beevor and Wilf Weeks will also step down at the same time, having served as non-executive directors for 12 and seven years respectively.

The Board is pleased to announce that Nigel McNair Scott, a Director of Helical since 1985 and Finance Director since 1987, is to become the non-executive Chairman of the Company and is to be replaced as Finance Director, from the conclusion of the AGM, by Deputy Finance Director, Tim Murphy.

The Board believes that Nigel is uniquely placed to lead it as a result of his long association with, and knowledge of, the Company. His primary role during his tenure as Chairman will be to advise on the long term strategy of the Group and to ensure that succession issues are planned and executed in a timely fashion, particularly in respect of the Chief Executive, Michael Slade, who has recently confirmed, at the request of Giles Weaver, his willingness and enthusiasm to remain at the helm of the Company for the next five years.

The Board recognizes that the UK Corporate Governance Code ("Code") requires a new Chairman to be independent upon appointment. Accordingly, the Nominations Committee has consulted major shareholders setting out its reasons for this appointment, and has received indications that there will be considerable support for Nigel's re-election at the AGM and his appointment as Chairman at the conclusion of the AGM.

The Code also requires a Board to have an appropriate balance of skills, experience, independence and knowledge of the Company to enable it to discharge its duties. The Board of Helical has determined that such a balance is best achieved with four independent non-executive directors. The Board, therefore, intends to appoint two new independent non-executive directors immediately following the AGM on 24 July:

·; Richard Gillingwater, CBE, will become the Senior Independent Director and a member of the Nominations, Audit and Remuneration Committees. Aged 55, Richard Gillingwater is the Dean of the Cass Business School (although he will be stepping down at the end of the year); the Chairman of CDC Group; a member of the Advisory Boards of TheCityUK and of the Association of Corporate Treasurers; and a non-executive Director of Scottish and Southern Energy and Hiscox Ltd. He was previously Chairman of the Shareholder Executive and Joint Head of Global Corporate Finance at BZW and a non-executive Director of P & O, Debenhams, Tomkins Plc, Qinetiq Group and Kidde plc.

·; Richard Grant, BA (Oxon), ACA, will become Chairman of the Audit Committee and a member of the Nominations and Remuneration Committees. Aged 58, Richard is the Finance Director at Cadogan Estates Limited and former corporate finance partner at PwC, which he joined in 1975.

Tim Murphy, FCA, (52 years) joined Helical as Company Secretary in 1994 and was appointed Deputy Finance Director in 2011. Prior to joining the Company, he worked as a tax consultant at KPMG in Hong Kong, having trained as a Chartered Accountant at Grant Thornton.

No further details remain to be disclosed for any of these appointments, as required under LR 9.6.13R of the listing rules of the UK Listing Authority.

Giles Weaver, Chairman of Helical Bar, commented:

"It has been a privilege to serve on this exceptional Company's Board for 19 years and to be Chairman for seven years. I shall be sad to relinquish my association with such a dynamic and successful team of people after so long. However, I believe that the Company, the executives and the portfolio of investment properties and developments are poised for a successful future, which should be further enhanced by a refreshed Board and a new Chairman."

Michael Slade, Chief Executive of Helical Bar, commented:

"On behalf of my fellow directors, I would like to thank Giles, Antony and Wilf for their invaluable contribution to the Board and sound stewardship, particularly over the last few challenging years. As Helical embarks on the next stage of its evolution, preparing to bring forward its exciting London development programme, I am extremely pleased that Nigel has accepted the Board's invitation to step up to the post of non-executive Chairman and that his place as Finance Director will be taken by Tim Murphy. It is also with great pleasure that we welcome Richard Gillingwater and Richard Grant to the Company as independent non-executive Directors and we look forward very much to benefiting from their considerable experience and fresh perspective in the years to come."

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