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13 Jul 2009 15:00
NORTHACRE PLC (the "Company")
The Vicarage
13th July 2009
Announcement
Shareholders will recall our announcement of December 2008, when we confirmed that following a Public Inquiry, The Inspectorate determined that the appeal for Northacre's residential proposal scheme be allowed.
Since this Inquiry decision was granted in Northacre's favour, The Royal Borough of Kensington and Chelsea has sought to have the decision quashed with an Appeal in the High Court. We are pleased to confirm that the outcome of this Appeal determined by the High Court is that, on all counts, our residential planning consent is to be upheld.
RBK&C has been given a shortened period of fourteen days, during which it may seek leave to appeal this decision in the Court of Appeal. Should this further application for an Appeal fail, the residential planning consent will stand.
John Hunter, the company's Chief Executive said;
"With yet another High Court decision in Northacre's favour, the die has finally been cast for securing a residential development at our Vicarage Gate site."
A further announcement follows in due course.
All enquiries:
Northacre Plc
John Hunter - Chief Executive
Manish Santilale - Finance Director
Tel: +44 20 7349 8000
KBC Peel Hunt Ltd
Capel Irwin
Nicholas Marren
Tel: +44 20 7418 8900
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