Property Valuation

27 Feb 2006 16:04

Bailey(C.H.) PLC27 February 2006 Property valuation As announced in its interim statement, the Group continues to progress theproposed office complex development in Dar es Salaam, Tanzania, and is currentlyin the process of negotiating local bank finance for the development. The financiers require security over the Group's Oyster Bay Hotel, and haverequested a professional valuation of the property. This has now been completed,and indicates a value for the hotel of US$4.5m (£2.6m at current rates ofexchange). As at 31 March 2005 the valuation of the Tanzanian investment wasreported in the Company's accounts as £1,245,000. Enquiries: Charles Bailey, ChairmanC H Bailey PlcTel: 01633 262961 This information is provided by RNS The company news service from the London Stock Exchange