Statement Re Joint Venture Company Dispute
November 15 2005 - 2:00AM
UK Regulatory
Release date: 15 November 2005
Embargoed until: 07:00
CLS HOLDINGS PLC
("CLS")
RE. JOINT VENTURE COMPANY DISPUTE
CLS wishes to clarify the situation concerning one of its group companies, New
Malden House Limited, which is a shareholder in Teighmore Limited
("Teighmore"), the Jersey-based company which owns London Bridge Tower.
An issue has arisen regarding the validity of the sale of some of the
non-voting shares in Teighmore which constitute a small part of the issued
share capital.
CLS' share of the value of London Bridge Tower is �18.3 million compared to a
total CLS property portfolio valuation in excess of �1 billion.
This issue has no bearing whatsoever on the development, which is progressing
most encouragingly. Discussions are presently in hand with a number of
interested tenants and funders, whilst preparation of the construction
programme is in its final stages.
-ends-
Contacts:
Sten Mortstedt, Executive Chairman
Tom Thomson, Chief Executive & Vice Chairman
CLS Holdings plc
www.clsholdings.com
Tel. +44 (0)20 7582 7766
Adam Reynolds
Hansard Communications
Tel. +44 (0)20 7245 1100
END
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