NLD Nordic Land

TIDMNLD

RNS Number : 9269W

Nordic Land PLC

26 November 2010

Nordic Land Plc

26 November 2010

Update on asset sales

The Board of Nordic Land Plc ("Nordic Land") is pleased to announce that the sale of the properties at Sicklaon ("Sickla") has been completed.

As previously announced, the buyer has retained SEK 12 million from the gross consideration of SEK 35 million to cover it for the risk arising from the inability of Lehman Brothers International (Europe) to deliver the mortgage certificates for Sickla which it holds as security agent. The retained funds have been placed in a pledged account at Nordea Bank and will be released to Nordic Land when the original or replacement mortgage certificates for the Sickla properties are delivered to the buyer.

Nordic Land has now completed the disposal of its whole property portfolio.

For further enquiries:

Nordic Land Plc

Ray Horney, Chairman Tel: +44 20 7367 8888

(c/o Bankside Consultants)

SP Angel Corporate Finance LLP

Robert Wooldridge/Tercel Moore Tel: +44 20 7647 9650

Matrix Corporate Capital LLP Tel: +44 20 3206 7000

Stephen Mischler/Tim Graham

Bankside Consultants

Simon Rothschild/Louise Mason Tel: +44 20 7367 8888

This information is provided by RNS

The company news service from the London Stock Exchange

END

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