Announcement from LBI hf.

A definitive agreement has been signed by shareholders representing about 89% of the equity of Highland Group Holdings Ltd (House of Fraser) to sell their shareholding in the company to the Chinese company Nanjing Xinjiekou Department Store Co., Ltd (Nanjing Cenbest).

The Icelandic company BG Holding ehf., which is subject to administration in the UK, has 34,9% of the shares. They were all pledged to LBI by way of a share charge. The transaction was done in consultation with the Winding-up Board of LBI who expects to recover the net value of these shares, likely to be in the region of 40 million GBP, in due course. This successful sales process was led by the chairman of House of Fraser, Donald McCarthy.

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