NewRiver Regulatory News (NRR)

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NewRiver Retail Limited (AIM: NRR, "NewRiver" or the "Company")

Proposed Placing to raise up to £10.53 million

Notice of Extraordinary General Meeting

Overview

·; NewRiver Retail Limited, the specialist real estate investor and asset manager, announces that it proposes to raise up to £10.53 million, before expenses, by way of a placing ("Placing") of up to 4,212,200 new ordinary shares in the capital of the Company ("Placing Shares") at a price per Placing Share of 250 pence ("Placing Price")

·; Since IPO in 2009, NewRiver has achieved the key objectives set out in its Admission Document and deployed the majority of its initial £25 million of capital. The fundraising provides additional capital to accelerate the Company's business plan in the short term, including investments through the recently announced joint venture with Morgan Stanley Real Estate Investing Fund VII ("MSREI")

·; Since IPO, NewRiver has made two acquisitions directly on its own balance sheet - in Wrexham and Market Deeping, with net initial yields of 9.65 per cent and 6.98 per cent respectively - for a total consideration of £10.75 million

·; NewRiver has also acquired, on a 50 - 50 basis, a portfolio of eight retail assets situated across the UK in the MSREI joint venture. Contracts on an additional property that forms part of the same portfolio have been exchanged. The purchase price for all nine assets was approximately £49 million with a net initial yield of circa 9.00 per cent

Placing and EGM

The Placing is subject to shareholders approving certain Resolutions at the Extraordinary General Meeting, which will be convened for 11.00 a.m. on 4 May 2010, at which shareholders will be asked to consider and, if thought fit, approve the Resolutions required, amongst other things, to dis-apply the pre-emption rights contained in the articles of incorporation of the Company and to implement the Placing. The Placing Shares will be issued credited as fully paid and will rank on Admission pari passu in all respects with the existing Ordinary Shares.

Four Directors of the Company, David Lockhart, Paul Roy, Peter Tom and Serena Tremlett have committed to subscribe for 120,000, 60,000, 20,000 and 2,000 Placing Shares, respectively, at the Placing Price, pursuant to the Placing. Following the Placing, David Lockhart, Paul Roy, Peter Tom, and Serena Tremlett will have interests in 1,580,000, 360,000, 40,000, and 6,000 Ordinary Shares, respectively, representing 10.65, 2.43, 0.27, and 0.04 per cent, respectively, of the enlarged issued share capital of the Company.

Application will be made to the London Stock Exchange and to the Daily Official List of the Channel Islands Stock Exchange, LBG for the Placing Shares to be admitted to trading on AIM and CISX. It is expected that Admission will become effective and that dealings in the Placing Shares will commence on AIM at 8.00 a.m. on 5 May 2010. 

Details of the Extraordinary General Meeting are set out in the Notice of Extraordinary General Meeting provided at the end of the shareholder circular (the "Circular") to be posted to shareholders on 13 April 2010. The Circular will also be available on the Company's website, www.newriverretail.com, at which press releases detailing the company's investment activity to date can also be found.

The Placing has been undertaken by Cenkos Securities Plc. The Company was advised by Kinmont.

Ends

For further information please contact:

NewRiver Retail Limited Tel: 01481 735540

Serena Tremlett

Pelham Bell Pottinger Tel: 0207 861 3232

David Rydell / Rosanne Perry

Cenkos Securities Plc Tel: 0207 397 8900

(Nominated Adviser)

Ian Soanes / Max Hartley