RNS Number : 7845W
White Star Property Holdings PLC
16 June 2008
For Immediate Release
White Star Property Holdings plc
('WSPH' or the 'Company')
The Company was informed on 12 June 2008 that Mr Paul Castle has sold his holding of 57,650,000 ordinary shares, representing 19.18 per cent of the existing share capital of the Company. Mr Paul Castle no longer holds any ordinary shares in the Company.
The Company is pleased to announce that, following the receipt of the above sale proceeds, Mr Castle has offered the Company the sum of £250,000 in full and final settlement of the monthly payments, the details of which were set out in the Settlement Agreement, dated 21 April 2008, and scheduled to culminate in a final monthly payment on 28 February 2009. As at 21 April 2008, the amount due and outstanding stood at £326,500. However, the Directors believe that it is in the best interests of the Company to accept Mr Castle's final cash settlement offer.
The sale of Mr Castle's holding was effected through an off-market transaction and the shares are held now by the Pompalida Corporation ('Pompalida'), a company incorporated in the British Virgin Islands. Accordingly, Pompalida now holds 19.18 per cent of the Company's issued share capital.
16 June 2008
White Star Property Holdings
Luca Tenuta (Chief Executive)
Brian Basham, Chairman
020 7495 1387
020 7748 2215
Graeme Thom / Charity Walmsley
020 7060 1760
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