SOA Stonemartin

    RNS Number : 5995K
  Stonemartin PLC
  22 December 2008
   
    Stonemartin plc
    ('Stonemartin' or 'the Company')

    COMPLETION OF DISPOSAL / DIRECTOR CHANGE

    Stonemartin is pleased to announce that it has completed the disposal of Stonemartin Corporate Centres Limited ("SCC"), the Company's
operating subsidiary, to Regus Group Limited (the "Disposal").

    Having completed the Disposal, it is expected that cancellation of the admission of the Company's ordinary shares of 1p each to trading
on AIM ("Cancellation") will become effective on 5 January 2009.

    Following Cancellation the Board intends to return cash to shareholders as expeditiously as possible, probably by means of a solvent
winding-up of the Company.

    Shareholders should note that on Cancellation becoming effective, the Company's name will change to Eagle Realisations PLC.

    Further to the Disposal, as announced on 28 November 2008, Timothy Worboys, Joint Managing Director with particular responsibility for
operational matters and sales, has stepped down from the Board with immediate effect.

    Richard Mead, Non-Executive Chairman said:

    "We are pleased to have been able to conclude this transaction in the light of the current economic background.  Tim Worboys has done an
excellent job of keeping occupancy levels and workstation rates as high as they still are: we are sorry to see him go and thank him for all
his efforts.  As far as the future is concerned, we intend to appoint a firm of accountants to carry out some preliminary work which we
anticipate will facilitate a move towards a solvent liquidation early in the New Year."

    For further information, please contact:

 Richard Mead - Chairman, Stonemartin plc         Tel: 020 7194 7500
 Graham Ede - Managing Director, Stonemartin plc
 Reg Hoare/Miranda Good, Smithfield               Tel: 020 7360 4900
 Jeff Keating/Simon Brown, Teathers               Tel: 020 7426 9000



This information is provided by RNS
The company news service from the London Stock Exchange
 
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