EGM Statement/Disposal

Milestone Group PLC
17 February 2006


For Immediate Release                                           17 February 2006


                              MILESTONE GROUP PLC

                          'Milestone' or 'the Company'

               Extraordinary General Meeting Statement / Disposal

Further to the announcement made on 1 February 2006, Milestone announces it has
today completed the sale of its beneficial controlling shareholdings in Kestrel
FM Limited ('Kestrel FM') and West Berkshire Radio Limited ('Kick FM') to
Provincial Broadcasting Companies Limited ('Provincial').

Additionally, Milestone confirms it intends to seek to complete the proposed
disposal of its beneficial controlling shareholding in Rugby Broadcasting
Company Limited ('Rugby FM') to CN Group Limited on or before 27 February 2006.

The two ordinary resolutions required under the AIM Rules to approve the
proposed sale of Milestone's interests in Kestrel FM, Kick FM and Rugby FM
('Resolutions') were passed unanimously by Shareholders attending the
Extraordinary General Meeting of the Company held this morning ('the EGM'). In
addition, over 99% of the qualifying Shareholder votes received by proxy were
cast in favour of the Resolutions or at the Chairman's discretion.

Following completion of the EGM, Andy Craig, Chief Executive, commented:

'I am grateful to Shareholders for giving their support to the Resolutions
proposed. The Board will now pursue with rigour the strategy of developing
Milestone's wholly-owned local media assets primarily focused on Oxfordshire,
and exploring all opportunities to maximise shareholder value, as set out in the
announcement made on 1 February 2006.'

Milestone is today in receipt from Provincial of £1,302,214 representing the 
initial instalment of the consideration due for the transfer of the Company's 
shares and loans in Kick FM and Kestrel FM. In total, the Company expects to 
receive gross proceeds for the sale of its controlling shareholdings, 
shareholder loans and net assets in Kestrel FM, Kick FM and Rugby FM of 
approximately £2 million. £211,400 of the monies received today have been used to 
discharge the outstanding loan arrangements with Manchester Securities Corporation.

The full terms of the disposal of Milestone's interests in Kestrel FM and Kick 
FM are as per the announcement made to the London Stock Exchange by the Company 
on 1 February 2006.

For further information:

Milestone                           Tel: [phone]
Andy Craig / Daniel Cass

Buchanan Communications             Tel: [phone]
Bobby Morse / Suzanne Brocks




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