5 Jul 2013 11:35
Northacre PLC
("Northacre" or the "Company")
Receipt of 5m Dividend and Update on The Lancasters
Northacre announces that it has received an interim dividend of £5,000,000 from Lancaster Gate (Hyde Park) Ltd, our joint venture with Minerva. This is the sixth interim dividend from this development project and brings the total received to date to £42.7m.
All of the apartments in the Lancasters development have now been sold and it is our current estimate that our total profit share (net of corporation tax) is likely to be in the region of £49.8m. As noted above, we have received £42.7m to date in dividends from this project, and therefore we estimate that a further £7.1m will be forthcoming.
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson