Belgo Group PLC
19 November 1999
Belgo Group PLC ('the Company')
The directors of the Company ('the Directors') announce that contracts have
been exchanged for the acquisition of the leasehold property situated at 175
New Kings Road, London SW6 ('the Acquisition'). The property is currently
used as a restaurant. The Directors intend to redevelop the restaurant and it
is expected to re-open in February 2000.
The consideration for the assignment of the lease and the acquisition of the
related equipment is to be satisfied by the payment to the vendors of £150,000
in cash and the issue of up to 1,333,333 ordinary shares in the Company ('the
Consideration Shares'). Completion of the Acquisition is conditional on,
inter alia, (i) receipt by the Company of a licence for alterations to the
property and (ii) admission of the Consideration Shares to the Official List
of the London Stock Exchange ('the Official List'). The Directors expect to
receive the licence referred to above by 30 November 1999 and application will
be made for admission of the Consideration Shares to the Official List
immediately thereafter.