RNS Number:5486Q
St. Modwen Properties PLC
06 October 2003





                                                               6 October 2003


                            St. MODWEN PROPERTIES PLC

                    RESULT OF EXTRAORDINARY GENERAL MEETING

St. Modwen Properties PLC announces that, at its Extraordinary General Meeting
held earlier today, the following ordinary resolution, set out in its Circular
to shareholders dated 17 September 2003, was duly passed:

"To approve the disposal by the Company of its shares in Northern Racing Limited
to The Chepstow Racecourse PLC."

Completion of the proposed disposal (which is conditional on the approval of
Chepstow shareholders) is expected to take place on 13 October 2003. The
Company's 35 per cent shareholding in Northern Racing Limited will be disposed
of for a consideration to be satisfied by the issue of 9,573,412 new ordinary
shares in The Chepstow Racecourse PLC, representing a 27.2 per cent shareholding
in Chepstow.

                                    - Ends -

For further information please contact:

St. Modwen Properties PLC www.stmodwen.co.uk

Anthony Glossop, Deputy Chairman & Chief Executive               0121 456 2800
Bill Oliver, Managing Director
Tim Haywood, Finance Director

Weber Shandwick Square Mile
Reg Hoare / Katie Hunt                                           020 7067 0700




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