AGM Statement

Northacre PLC
24 September 2003


                                 Northacre PLC
                          ('Northacre' or 'the Group')

                    AGM Trading Statement and Offer Update


At today's Annual General Meeting of Northacre PLC, the premier developer of
landmark residential property schemes in Central London, Executive Chairman Klas
Nilsson will make the following statement:

'Progress on our developments continues apace.

'Practical completion on the KINGS Chelsea development is imminent with the
majority of units sold. There remain only 14 apartments available for sale. Upon
the sale of these units the Group can expect to realise the profit share to
which it is entitled.

'The Phillimores (Queen Elizabeth College) remains on track with practical
completion scheduled towards the end of 2004. There has been a good level of
interest in this prime development with continued sales off plan. Our profit
participation remains unchanged with the maximum of £2.75 million, realisable in
stages, dependent on sales revenues generated.

'We have submitted the planning application for our joint venture with First
Islamic Investment Bank for the development of Vicarage Gate House, Kensington,
and we anticipate planning consent to be secured either on a local level or on
appeal in 2004.

'Our Lifestyles (Interiors) business suffered from reduced income in the first
half of the 2003 financial year; however we have seen recent improvement in
activity with an increased pipeline of secured work. We expect further
improvement in revenues in the second half and into 2005.

'On 15 August 2003, it was announced that Northacre had received a preliminary
approach from Klas Nilsson and John Hunter, respectively Executive Chairman and
Chief Executive, that may or may not lead to an offer for the Group. Discussions
are progressing but remain at an early stage. All of the directors of Northacre
have or may have an interest in any such offer or a continuing role subsequent
to the completion of any such offer, and therefore would have a conflict of
interest that would preclude them from providing advice to shareholders on the
terms of an offer. Northacre PLC has appointed, in accordance with the
requirements of the City Code on Takeovers and Mergers, Navigatorltd Limited ('
Navigator'), to provide independent advice to the company in relation to the
terms of any offer and the substance of such advice will be made known to
shareholders. Klas Nilsson and John Hunter will be appointing their own
independent Financial advisor.


'The prime residential London market place remains challenging. However,
Northacre is the premier developer of landmark residential property schemes in
Central London. It is the very nature of our business that we continue to seek
opportunities in the market.


'Northacre expects to announce interim results for the six months to 31 August
2003 on Friday 3 October.'


                                                               24 September 2003


Enquiries:

Northacre PLC                                        Tel: [phone]
Simon Elgar, Finance Director

Navigatorltd Limited                                 Tel: [phone]
Adam Webb

College Hill Associates                              Tel: [phone]
Kate Pope


The directors of Northacre PLC accept responsibility for the information
contained in this document. To the best of the knowledge and belief of such
directors (having taken all reasonable care to ensure that such is the case),
the information contained herein is in accordance with the facts and does not
omit anything likely to affect the import of such information.


Navigatorltd Limited is regulated in the United Kingdom by The Financial
Services Authority, and is acting for Northacre PLC and no one else in
connection with any offer for Northacre PLC and the matters referred to herein.
Navigatorltd Limited will not regard any other person as its customer in
relation to any offer for Northacre PLC and the matters referred to herein and
will not be responsible to anyone other than Northacre PLC for providing the
protections afforded to customers of Navigatorltd Limited nor for giving advice
in relation to any offer for Northacre PLC and the matters referred to herein.


                      This information is provided by RNS
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