Orchid Developments: Update on Disposal | Company Announcements

Friday 14 November, 2008

Orchid Developments

Update on Disposal

RNS Number : 1560I

Orchid Developments Group Ltd

14 November 2008

Orchid Developments Group Limited (the 'Company')

Update on Disposal

In its interim results announcement on 22 September 2008, the Company stated that it expected the sale of Yavor Zlatni AD, a subsidiary company which owns the Yavor hotel, to complete in October 2008. The completion process has been advanced and on 12 November 2008 the purchaser paid the consideration of approximately €9.87 million into two escrow accounts. The Company anticipates that the transaction will be completed by the middle of December 2008.

Enquiries:

Orchid Developments Guy Meyohas	+359 2 981 9955

Shore Capital and Corporate Limited Dru Danford	020 7408 4090

Citigate Dewe Rogerson Nicola Smith	020 7638 9571

This information is provided by RNS

The company news service from the London Stock Exchange

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