GNE Gne Grp

    RNS Number : 9874G
  GNE Group PLC
  29 October 2008
   


    


 Press Release   29 October 2008


    GNE Group plc

    ("GNE" or "the Group")

    Completion of disposal

    GNE Group plc (AIM:GNE) is pleased to announce that, following receipt of shareholder approval at a General Meeting on 7 October 2008
and satisfaction of all other conditions relating to the disposal, it has now completed the disposal of the Group's major operating
subsidiary, Petrol Express Limited ("PEX"), for a consideration of �51.66 million.  This consideration has been satisfied by the Leopard No.
2 Investment Limited ("the Purchaser") assuming responsibility for PEX's bank and other loan term debts, with the remaining sum settled by a
cash payment.  

    As announced on 18 September 2008, the Directors intend to make a payment of a Special Dividend of 150 pence per Ordinary Share once the
necessary accounts have been prepared.  The Directors expect to pay the Special Dividend no later than 31 January 2009.  The issued Ordinary
Shares will remain quoted on AIM, and approval was granted at the General Meeting on 7 October 2008 for the adoption of an investment
strategy which will seek to repeat the Group's achievement of recent years by making investments in, or buying petrol retailing companies
located predominantly in Europe.  

    The Company will consider acquiring petrol retailing sites and/or making investments in companies whose sites display one or more of the
following characteristics:

 *   potential to improve historical trading performance through application
     of the Board's experience;
 *   good site location which offers good potential trading and or an
     alternative use for the site in the event that the Company decides to
     redevelop the site; and
 *   potential for alternative use and/or redevelopment, subject to planning
     permission to allow the Company to redevelop the site possibly in
     conjunction with a joint venture partner.

    In addition, the Board will consider other related businesses where the Board has suitable experience, for example, expansion into the
oil distribution market. The Company will also consider opportunities that will enhance the retained businesses held within the Group. 

    David Port, Executive Chairman of GNE, said:  "We are pleased that the disposal of PEX is now complete, and that we are now able to
realise the value for shareholders which we have built since 2006.  The disposal demonstrates the successful business that the Board has
built up, and we look forward to repeating our achievements."

    - Ends -

    For further information:
 GNE Group plc 
 David Port, Chairman           Tel: +44 (0) 7836 693 798
 Dennis Woods, Chief Executive  Tel: +44 (0) 870 241 0454
 info@gnegroup.co.uk                   www.gnegroup.co.uk

 Seymour Pierce
 Richard Feigen / Sarah Jacobs  Tel: +44 (0) 20 7107 8000
 sarahjacobs@seymourpierce.com      www.seymourpierce.com

    Media enquiries:
 Abchurch Communications
 Ariane Comstive / Joanne Shears    Tel: +44 (0) 20 7398 7709
 joanne.shears@abchurch-group.com      www.abchurch-group.com


    - Ends -


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