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19/12/2007

Sale Of Shareholding In Manor Park Homebuilders

DCC plc has accepted an offer to sell its 49% shareholding in Manor Park Homebuilders Limited to Morvest Limited, a Moran family company, for a consideration of €9 million.

Joe Moran is the holder of the remaining 51% of Manor Park.

DCC yesterday received a dividend of €172 million from Manor Park as franked investment income. That dividend, along with the share sale proceeds when received, amounting in total to €181 million, considerably strengthens DCC’s financial capacity to pursue continuing growth and development in its core businesses, both organically and by acquisition.

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Manor Park has been a highly successful investment for DCC in partnership with Joe Moran, who has led the Company very capably as Chairman since its formation in 1979.

Manor Park has a large landbank for housing development and other significant development projects in the pipeline.

The dividend received by DCC yesterday and the sale of the shareholding will give rise to an exceptional profit of approximately €95 million.

DCC now expects to report an overall Group exceptional profit for the year to 31 March 2008 of approximately €34 million.

(GK/SP)

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