RES Rugby Est.

TIDMRES TIDMOTE

RNS Number : 9953H

Rugby Estates PLC

19 July 2012

Rugby Estates Plc

Offer for O Twelve and Property Adviser Agreement

19 July 2012

Rugby Estates Plc confirms that its subsidiary, Rugby BVI Holdings Limited, has accepted the offer of 7 pence per share by VIII Investment UK S.a r.l. in respect of its holding of 7,894,502 ordinary shares in O Twelve Estates Limited ("O Twelve").

In addition, as detailed in O Twelve's final results announced on 18 June 2012, on 15 June 2012, O Twelve entered into a deed of amendment to the Property Adviser Agreement with Rugby Asset Management Limited ("RAM") dated 22 March 2006 (as amended and restated) ("Property Advisers Agreement"). Subject to the approval of Nationwide, as agent for the finance parties under the facility agreement dated 20 December 2006 (as amended and restated), it was agreed that the Property Adviser Agreement would be amended so that either party can terminate the agreement on at least six months' written notice at any time.

Rugby Estates Plc announces that following receipt of Nationwide's approval yesterday, the deed of amendment to the Property Adviser Agreement between RAM and O Twelve dated 15 June 2012 has now become effective.

Enquiries:

David Tye, Chairman

Andrew Wilson, Chief Executive

Rugby Estates Plc

www.rugbyestates.plc.uk

020 7016 0050

Katy Birkin/Simon Bennett

Fairfax I.S. PLC

020 7598 5368

Stephanie Highett / Dido Laurimore / Will Henderson

FTI Consulting

020 7831 3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

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