Rugby Estates Plc (the 'Company')

Result of Court Hearing and Completion of Proposals to Effect the Return of Capital

Further to the circular to shareholders of 28 May 2009 ('Circular'), at a hearing today, the Companies Court of the Chancery Division of the High Courts of Justice ('Court') sanctioned the cancellation of the B shares and the C shares in the capital of the Company and the reduction of the share premium account of the Company ('Reduction of Capital').

Accordingly, the Reduction of Capital is expected to become effective tomorrow, 9 July 2009, in order to effect the return of capital to shareholders as explained in the Circular.  

The return of capital involves a payment to shareholders of 50p per ordinary share of 10p each ('Existing Ordinary Share') in accordance with the procedures set out in the Circular and the elections of shareholders. Payments are expected to be made to shareholders on or around 22 July 2009.  

On the Reduction of Capital becoming effective, the Company's share capital will be consolidated such that every 5 Existing Ordinary Shares will be consolidated into 4 new ordinary shares of 12.5p each ('New Ordinary Shares'). The share capital consolidation is intended to maintain comparability of the Company's future and historic share price as a result of the return of capital.

It is therefore expected that the Existing Ordinary Shares will cease to trade on AIM from close of business today and that the New Ordinary Shares will be admitted to trading on AIM at 8 a.m. tomorrow, Thursday 9 July 2009.

New certificates in respect of the New Ordinary Shares are expected to be despatched to shareholders on or around 22 July 2009.

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