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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

St Modwen Properties PLC

OFFERING OF SHARES 

St Modwen Properties PLC ('St. Modwen' or the 'Company') today announces the commencement of a bookbuilding process in connection with the offering (the 'Offering') by J.P. Morgan Cazenove Limited and Numis Securities Limited (together, the 'Bookrunners') on behalf of certain members of the Clarke and Leavesley families (the 'Selling Shareholders'), of existing ordinary shares of 10 pence each ('Ordinary Shares') in the Company.

The Clarke and Leavesley families (the ''Families'') were very pleased to be able to support the Company's recent Firm Placing and Placing and Open Offer of approximately 80 million new Ordinary Shares, by taking up a total of approximately 9.6m new Ordinary Shares under the Open Offer.  

As a result of the enlarged issued share capital, the Families' combined shareholding was reduced down from 42.6% to 30.5%. Following recent high levels of demand for Ordinary Shares and increased liquidity since the Firm Placing and Placing and Open Offer was announced on 14 May 2009, the Selling Shareholders have decided to today offer in aggregate up to 7,977,777 Ordinary Shares. Following the Offering, the Families are expected to hold approximately 26.5% of the Company's issued share capital.

 

The Families do not currently intend to make any further significant disposals or purchases of Ordinary Shares and regard their shareholding as long term in nature. The Selling Shareholders have agreed to enter into a lock-up arrangement for a period of 180 days with respect to their respective residual holdings in the Company.

The Offering is expected to close later today. The price per Offering Share and exact number of Offering Shares to be sold in the Offering will be announced thereafter.  The Bookrunners reserve the right to close the book at any earlier date/time. Settlement is expected to be on 15 July 2009.  

10 July 2009

Enquiries: 

St. Modwen Properties PLC:    Bill Oliver, Chief Executive Tim Haywood, Finance Director Charlotte McCarthy, PR Manager	0121 222 9400
J.P. Morgan Cazenove: Robert Fowlds Shona Graham	020 7588 2828
Numis Securities Limited: Heraclis Economides Simon Blank	020 7260 1000

This announcement does not constitute any offer to sell or any solicitation of any offer to purchase any securities. J.P. Morgan Cazenove Limited and Numis Securities Limited, each of which is regulated by the Financial Services Authority, are acting for the Selling Shareholders in connection with the Offering and for no-one else and will not be responsible to anyone other than the Selling Shareholders for providing the protections offered to prospective customers of J.P. Morgan Cazenove Limited or Numis Securities Limited nor for providing advice in relation to the Offering.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

Neither this document nor any copy of it may be distributed in Canada, Australia or Japan or to any resident thereof or in any other jurisdiction where such distribution would be unlawful under the laws of such jurisdiction.

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