ARN Ardent Grp

RNS Number:4150L
Ardent Group PLC
02 November 2006


2 November 2006

                          Ardent Group Plc ("Ardent")

            Ardent acquires further reversionary interests for Euro5.5m

The Board of Ardent today announces the acquisition of additional reversionary
interests in 46 residential properties through the purchase of the entire issued
share capital of a special purpose company - S.H.I.P. Property Trading (One)
Limited ("SPT1") from its shareholders (the "Vendors") for Euro5.5 million in cash
(the "Transaction").

SPT1 holds reversionary interests in 46 residential properties, which are valued
at approximately Euro5.3 million (based on the ESRI / Permanent TSB House Price
Index as at 31 August 2006). This brings Ardent's reversionary portfolio to 106
units following the acquisition by its wholly owned subsidiary, Shared Home
Investment Plan Plc ("S.H.I.P."), of Fitzwilliam Property Development Holdings
Limited from Anglo Irish Assurance Company in February 2006. Following the
Transaction, the combined value of reversionary interests in residential
properties owned by S.H.I.P. will be in excess of Euro13 million.

For the financial year ended 31 December 2006 total recognised losses of SPT1
were Euro82,490.

The consideration was financed from existing cash resources and limited bank
funding.

Due to the size and nature of the Transaction in relation to Ardent, it is a 
"Related Party Transaction" under the Rules of the London Stock Exchange plc 
governing AIM ("the AIM Rules").  A director of Ardent, Billy Kane holds 25 per 
cent. of the issued share capital of S.H.I.P. Property Trading (One) Limited and 
is one of the Vendors.  In addition, two directors of Ardent, Billy Kane 
(Chairman and Chief Executive of Ardent) and Donal Doran (Chief Operating 
Officer of Ardent), are both directors of S.H.I.P. Property Trading (One) 
Limited.  The Directors of Ardent, other than Billy Kane and Donal Doran, having
 consulted with Ardent's nominated adviser, Dawnay, Day Corporate Finance 
Limited, and its IEX adviser, Davy, who consider the terms of the acquisitions 
to be fair and reasonable in so far as Ardent's shareholders are concerned.

The Transaction is conditional, inter alia, on a resolution being passed at a
general meeting of Ardent approving the Transaction, as one of the Vendors is a
director of Ardent, as required under section 320 of the Companies Act 1985.

Commenting on the acquisition Billy Kane, Ardent's Chairman and Chief Executive,
said:

"This is in keeping with the policy to grow our reversionary assets by organic
means and future acquisitions of suitable portfolios both here and in the UK."

Enquiries:

S.H.I.P.:                                                     +353 (0)1 664 9333 
Billy Kane, Chairman & Chief Executive

MRPA Kinman:                                                  +353 (0)1 703 8619  
Ray Gordon                                                   +353 (0)87 241 7373

                                                                          

                                    - ENDS -



                      This information is provided by RNS
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