Berkeley Group Regulatory News (BKG)

5 Sep 2007 07:00

Berkeley Group Holdings (The) PLC05 September 2007 FOR IMMEDIATE RELEASE 5 SEPTEMBER 2007 The Berkeley Group Holdings plc AGM Trading Statement and Interim Management Statement At The Berkeley Group Holdings plc's ("Berkeley's") Annual General Meeting ("AGM") being held today, the Chairman, Victoria Mitchell, will make thefollowing statement which comprises the Group's first interim managementstatement in respect of the period from 1st May 2007 to 31st July 2007, asrequired by the UK Listing Authority's Disclosure and Transparency Rules: "The London market continued to provide a favourable environment for Berkeley tooperate in during the first quarter of its financial year. Outside London, themarket in the South East is satisfactory. This suits Berkeley's strategy as thismarket requires a considered approach to development ensuring the product iscarefully matched to the local market in terms of quality, price and location. "Berkeley fully benefits from prevailing market conditions because it takes thenecessary time to set its sites up properly - beginning with consultation withstakeholders and creative and sympathetic design, through a disciplinedconstruction process, resulting in the high quality product demanded andappreciated by its customers - thereby maximising returns for its shareholdersand creating sustainable communities for the future. "As a consequence, the performance of the Group is in line with the Board'sexpectations for both the six months ending 31st October 2007, the results forwhich will be announced on 7th December 2007, and the full year ending 30thApril 2008. "In April 2007 we announced the establishment of a new joint venture arrangementwith Saad Investments Company Limited to acquire long term development sitesthat, due to the capital requirement and/or relatively long planning lead time,could not be accommodated within Berkeley's normal acquisition criteria but aresuited to joint ventures. I am delighted to report that, in the first quarter,Saad Berkeley Regeneration Limited has acquired its first site with others underreview. In what remains a highly competitive land market, this is an excellentsource of land for the Group. "As announced with the Group's results for the year ended 30th April 2007 on29th June 2007, it remains Berkeley's intention, subject to shareholder approvalat today's AGM, to accelerate the payment of the 2008 B share of £2 per share by12 months to the beginning of January 2008. This will bring the total amountreturned to shareholders since the Scheme of Arrangement was approved byshareholders in October 2004 to £9 per share. It also remains Berkeley'sintention to make the final (2010) B share payment of £3 per share ahead of itsscheduled date of January 2011." END For further information please contact: The Berkeley Group Holdings plc Cardew GroupA W Pidgley Tim RobertsonR C Perrins Sofia RehmanT: 01932 868555 T: 0207 930 0777 This information is provided by RNS The company news service from the London Stock Exchange