ZGP Z Grp

    RNS Number : 3415Y
  Z Group PLC
  04 July 2008
   
    4 July 2008

    Z GROUP plc
    ("Z GROUP" or the "Company")

    Further re Assignment of Lease

    On 27 December 2007, the Company announced that it had assigned the lease of its premises at 31 Vernon Street, London and that a rent
deposit of �117,500 would be received from the landlord.

    The Company has now received legal advice, contrary to previous legal advice received at the time of the lease assignment, that the
landlord is not obliged to repay the rent deposit until the assignee under the lease subsequently assigns the lease to a third party. If the
assignee does not assign the lease to a third party, the rent deposit is not repayable until the lease expires on 17 July 2016.

    The return of the rent deposit had not been assumed in Z GROUP's internal cash projections. The Directors are pleased to announce that
the Company currently has cash reserves in excess of �1,300,000, an amount which exceeds the �1,000,000 of cash reserves that the Directors
estimated in December 2007 would exist on completion of the sale of the operating subsidiaries.

    The Directors continue to actively seek suitable acquisition targets in line with the Company's investing strategy and will update the
market when appropriate.


    ENQUIRIES:

 Z GROUP plc 
                               Tel: +44 (0) 8700 111 173
 Duncan Neale

 John East & Partners Limited
                               Tel: +44 (0) 20 7628 2200
 David Worlidge / Bidhi Bhoma




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