CLI Cls Holdings Plc

RNS Number:0729E
CLS Holdings PLC
23 May 2001

For Immediate Release: 23rd May 2001



Chairman's AGM Statement



CLS Holdings Plc



At CLS Holdings plc's Annual General Meeting held on 16th May 2001 the
Executive Chairman, Sten Morstedt, said:



"During the first quarter of 2001 we have continued our ongoing policy of
raising cash through refinancing a number of those properties which have
increased in value over the past few years.  Our total free cash holding now
stands at over #68 million an increase from #39 million at the year end.  The
refinancing programme continues.



This resource will put us in an excellent position to take advantage of
purchasing opportunities in property markets either in the UK or in mainland
Europe as and when they arise.



Since year end we have also purchased in the market for cancellation 450,000
of our own shares and this, together with our current buy back tender offer of
1,959,211 shares (which has again been oversubscribed) will further enhance
net asset value per share.



Our refurbishment programme in Solna is proceeding according to plan.  We are
continuing to make progress with our pre-lettings and hope to make further
announcements shortly."



Sten Morstedt

Executive Chairman





For further information, please contact:

Sten Mortstedt, Executive Chairman, CLS Holdings plc         Tel: 020 7582 7766
Glyn Hirsch, Chief Executive, CLS Holdings plc               Tel: 020 7582 7766

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