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 Northacre  PLC  
("Northacre"  or  the  "Company")  Comment  on  Press  Speculation  
The   Independent   Directors   note   the   recent   press   articles   regarding   the   Recommended   Mandatory  Cash   Offer   (the   "Offer")   by   Spadille   Limited   ("Spadille")   for   Northacre   which   erroneously   suggested  that   Spadille   had   acquired   the   Company.   The   Independent   Directors   confirm   that   as   of   25   January  
2012  no  Offer  has  formally  been  made  for  the  Company  and  it  remains  independent.  
Spadille,   as   at   25   January   2012   own   48.6   per   cent   of   the   issued   ordinary   share   capital   of   the  Company.  
A   copy   of   this   announcement   will   be   available   at   www.northacre.com   The   contents   of   the   website  referred   to   in   this   announcement   are   not   incorporated   into   and   do   not   form   part   of   this  announcement.  
For  further  information,  please  contact  Northacre  PLC  
Duncan  Salmon,  Company  Secretary    Tel:  (020)  7349  8000  

Ernst  and  Young  LLP  (Financial  adviser  to  Northacre)    Julie  Green  
Tim  Medak  Charles  Allen  
Tel:  (020)  7951  2000  

Daniel  Stewart  &  Company  (Nominated  adviser  and  broker  to  Northacre)  Antony  Legge  
James  Thomas  
Tel:  (020)  7776  6550  

Ernst   &   Young   LLP,   which   is   authorised   and   regulated   in   the   United   Kingdom   by   the   Financial  Services   Authority,   is   acting   exclusively   for   Northacre   and   no   one   else   in   connection   with   the   Offers  and  will  not  be  responsible  to  anyone  other  than  Northacre  for  providing  the  protections  afforded  to  clients  of  Ernst  &  Young  LLP  or  for  providing  advice  in  connection  with  the  Offers,  the  content  of  this  announcement  or  any  matter  or  arrangement  referred  to  herein.  Neither  Ernst  &  Young  LLP  nor  any  of   its   subsidiaries,   branches   or   affiliates,   owes   or   accepts   any   duty,   liability   or   responsibility  whatsoever   (whether   direct   or   indirect,   whether   in   contract,   in   tort,   under   statute   or   otherwise)   to  

any   person   who   is   not   a   client   of   Ernst   &   Young   LLP   in   connection   with   this   announcement,   any  
statement  contained  herein  or  otherwise.  
The   Independent   Directors   of   the   Company   accept   responsibility   for   the   information   contained   in  this   announcement.   To   the   best   of   the   knowledge   and   belief   of   the   Independent   Directors   of   the  Company   (who   have   taken   all   reasonable   care   to   ensure   that   such   is   the   case)   the   information  contained  in  this  announcement  is  in  accordance  with  the  facts  and  does  not  omit  anything  likely  to  impact  the  import  of  this  announcement.    
Disclosure  requirements  of  the  Takeover  Code  (the  "Code")  
Under   Rule   8.3(a)   of   the   Code,   any   person   who   is   interested   in   1%   or   more   of   any   class   of   relevant  securities  of  an  offeree  company  or  of  any  paper  offeror  (being  any  offeror  other  than  an  offeror  in  respect  of  which  it  has  been  announced  that  its  offer  is,  or  is  likely  to  be,  solely  in  cash)  must  make  an   Opening   Position   Disclosure   following   the   commencement   of   the   offer   period   and,   if   later,  following   the   announcement   in   which   any   paper   offeror   is   first   identified.   An   Opening   Position  Disclosure   must   contain   details   of   the   person's   interests   and   short   positions   in,   and   rights   to  subscribe  for,  any  relevant  securities  of  each  of  (i)  the  offeree  company  and  (ii)  any  paper  offeror(s).  An   Opening   Position   Disclosure   by   a   person   to   whom   Rule   8.3(a)   applies   must   be   made   by   no   later  than   3.30   pm   (London   time)   on   the   10thbusiness   day   following   the   commencement   of   the   offer  
period   and,   if   appropriate,   by   no   later   than   3.30   pm   (London   time)   on   the   10th   business   day  following  the  announcement  in  which  any  paper  offeror  is  first  identified.  Relevant  persons  who  deal  in   the   relevant   securities   of   the   offeree   company   or   of   a   paper   offeror   prior   to   the   deadline   for  making  an  Opening  Position  Disclosure  must  instead  make  a  Dealing  Disclosure.  
Under  Rule  8.3(b)  of  the  Code,  any  person  who  is,  or  becomes,  interested  in  1%  or  more  of  any  class  of  relevant  securities  of  the  offeree  company  or  of  any  paper  offeror  must  make  a  Dealing  Disclosure  if   the   person   deals   in   any   relevant   securities   of   the   offeree   company   or   of   any   paper   offeror.   A  Dealing   Disclosure   must   contain   details   of   the   dealing   concerned   and   of   the   person's   interests   and  short   positions   in,   and   rights   to   subscribe   for,   any   relevant   securities   of   each   of   (i)   the   offeree  company   and   (ii)   any   paper   offeror,   save   to   the   extent   that   these   details   have   previously   been  disclosed  under  Rule  8.  A  Dealing  Disclosure  by  a  person  to  whom  Rule  8.3(b)  applies  must  be  made  by   no   later   than   3.30   pm   (London   time)   on   the   business   day   following   the   date   of   the   relevant  dealing.   If   two   or   more   persons   act   together   pursuant   to   an   agreement   or   understanding,   whether  formal  or  informal,  to  acquire  or  control  an  interest  in  relevant  securities  of  an  offeree  company  or  a  paper  offeror,  they  will  be  deemed  to  be  a  single  person  for  the  purpose  of  Rule  8.3.  
Opening   Position   Disclosures   must   also   be   made   by   the   offeree   company   and   by   any   offeror   and  Dealing   Disclosures   must   also   be   made   by   the   offeree   company,   by   any   offeror   and   by   any   persons  acting  in  concert  with  any  of  them  (see  Rules  8.1,  8.2  and  8.4).  
Details   of   the   offeree   and   offeror   companies   in   respect   of   whose   relevant   securities   Opening  Position   Disclosures   and   Dealing   Disclosures   must   be   made   can   be   found   in   the   Disclosure   Table   on  the   Takeover   Panel's   website   at   www.thetakeoverpanel.org.uk,   including   details   of   the   number   of  relevant   securities   in   issue,   when   the   offer   period   commenced   and   when   any   offeror   was   first  identified.   If   you   are   in   any   doubt   as   to   whether   you   are   required   to   make   an   Opening   Position  Disclosure   or   a   Dealing   Disclosure,   you   should   contact   the   Panel's   Market   Surveillance   Unit   on   +44  (0)20  7638  0129.  

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