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CLR: Completion of agreement with Lomnio for the sale of Tufton

Further to our announcement dated 29/11/2004, we wish to inform you that the agreement between CLR Capital Public Limited (CLR) and Lomnio Holdings Limited for the sale of CLR’s stake in Tufton Oceanic (54.09%) to Lomnio has been completed.

The sale price based on the ratio on the net assets of Tufton Oceanic as at 31.12.2004 has been set at US$3,791,653 compared to the minimum payment of US$3,651,075.

CLR has also been transferred the stake of 54.09% that Tufton Oceanic held in a company of security services, pursuant to the agreement.

CLR sold its option to Tufton Oceanic Holdings Ltd in order to buy back 20% of the Group within the period of two years from the completion of the agreement. The price has been set at US$300,000.

With the finalization of the sale price and the sale of option mentioned above, CLR shows additional profit of US$440,578 from the profit of £143,713 that had been included in the Company’s accounts on December 31, 2004.
Tuesday, 28 June, 2005 - 09:52