RNS Number:6156N
Basepoint PLC
16 July 2003



Basepoint plc 2003 Annual General Meeting

Chairman's Statement


Basepoint plc's Chairman, The Viscount Lifford, made the following statement at
the Company's Annual General Meeting, held at Winchester Guildhall at 11 am on
Wednesday 16th July 2003:

'Shareholders have now received the Report and Accounts of the Company for the
financial year which ended on 28th February, 2003. These recorded a strong
performance by your Company including reporting substantial increases in
operating profits, earnings per share and portfolio valuation. We also reported
on the successful capital raising activities and the formation of a Limited
Partnership with the Trustees of the Kodak Pension Plan (a client of LaSalle
Investment Management), which we believe will increase the production rate of
new centres and allow us to earn procurement fees and management charges as
additional income streams.

I am now able to update you on the start to the new financial year.

Following the creation of the Limited Partnership in April, our new developments
in progress at Crawley and Andover were formally transferred to the Partnership
in May. These developments are progressing satisfactorily in terms of both time
and cost and are expected to open for business during October. Both projects
will contribute project management fees and procurement fees during the current
financial year, as well as continuing supervisory management fees once they open
for business.

In June we obtained a planning consent for the third 'Partnership' centre to be
sited on the Bournemouth International Airport complex. Construction work is
scheduled to start in September with an opening planned for next summer. As part
of the continuing 'Partnership' programme, we recently submitted a planning
application for a fourth centre to be built in Swindon. We hope that
construction will be able to start in January. These projects are expected to
contribute project management and procurement fees in the current and next
financial years.

I am also pleased to be able to announce that we have recently agreed contracts,
for exchange in the next few days, with SEEDA (the South East England
Development Agency) to project manage the construction of a centre for them in
Gosport. I believe this to be a valuable further development of our business
because, in addition to the development project management contract, we will
have also secured a management contract to operate the centre for them for a
period of 15 years. Building work is already underway.

Finally, I am able to confirm that trading at our eight operating centres has
been in line with expectations in the first months of this financial year.'




Contacts:

David Boakes - Director of Finance & Operations
        E mail: davidboakes@basepoint.co.uk
        Tel: 01926 330464

Nicola Horton - Smith & Williamson Corporate Finance Limited
        E mail: NAH@smith.williamson.co.uk
        Tel: 0207 637 5377


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