Rugby Estates Plc (the 'Company')

Result of General Meeting and Total Voting Rights

At the General Meeting of the Company held at 10.00 a.m. today, all resolutions were duly passed, including the special resolutions to the authorise the Company to purchase its own shares, to dis-apply statutory pre-emption rights and to, inter alia, reorganise the Company's share capital in order to effect the return of cash to shareholders of 50p per ordinary share.  

The return of cash is conditional on the reduction of capital being confirmed by the Court and a hearing of the Court is scheduled for 8 July 2009. Should the confirmation from the Court be forthcoming it is expected that the reduction of capital will become effective on 9 July 2009 and the return of cash to shareholders will proceed. In addition, the associated share capital consolidation would be expected to take effect on 9 July 2009 at which time the new ordinary shares of 12.5p each are expected to be admitted to trading on AIM following the cancellation of trading on AIM of the ordinary shares of 20p each.

Additional Listing and Total Voting Rights

In order to facilitate the share capital consolidation the Company has today allotted one ordinary share of 20p each for 221p. Therefore, the Company's issued share capital now consists of 17,137,490 ordinary shares with a nominal value of 20p each with voting rights. The Company holds 249,869 ordinary shares in Treasury. Therefore, the total number of voting rights in the Company is 16,887,621 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. 

Application has been made to the London Stock Exchange for the one new ordinary share to be admitted to trading on AIM and admission is expected to take place on 19 June 2009.

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