CLI Cls Holdings Plc

RNS Number:9595J
CLS Holdings PLC
3 May 2000


CLS HOLDINGS PLC ("CLS")
CHAIRMAN'S AGM STATEMENT


"The first quarter of the current year has been a record one for the Group.
Profits were such that even before the sale of 230 Blackfriars Road at a
profit of #2.1 million, the 3 months to 31st March were our most successful 3
months ever.

The property markets in which we operate are showing excellent rental growth
with a high demand for space.  We anticipate rapid progress in letting the
small amount of vacant space in the London portfolio.

Our refurbishment project at Solna, Stockholm, is progressing well and the
market there is very strong.

The investment division is showing good results.  Despite turbulent markets we
are continuing to make record profits and have an increased portfolio of high
quality investments.

Since the year end we have purchased 5.3 million shares in the market for
cancellation and, after our current buy-back tender offer has been accepted in
full, these purchases will have enhanced on a pro forma basis NAV per share to
250 pence.  

Since December 1998, when we first started buying back shares, we have
purchased a total of 21.3 million of our own shares either by way of market
purchases or by way of tender offer, in the process returning #30.9 million to
shareholders and reducing our issued share capital from 115.6 million shares
to 94.5 million shares.

I look forward to announcing a further improvement in net asset value per
share at the half-year stage, which will incorporate a revised valuation of
our portfolio by Allsop & Co as at 30 June 2000".



For further information, please contact:

Sten Mortstedt, Executive Chairman, CLS Holdings plc       020 7582 7766
Glyn Hirsch, Chief Executive, CLS Holdings plc             020 7582 7766



END
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