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Livermore Investmens Press Release 2007 / Increasing holdings in Atlas Estates Ltd. to 21.28%
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31 December 2007


 Increasing holdings in Atlas Estates Ltd. to 21.28%

Livermore today announces that it has increased its holdings in Atlas Estates Ltd. ("Atlas") after reaching a share purchase agreement with Atlas's main shareholder Elran (D.D.) Real Estate Ltd. ("Elran").

The agreement with Elran is for the purchase of 4,097,509 Ordinary Shares in Atlas at a price of €4.8 (£3.53) per share, amounting to a total consideration of €19,668,443 (£14,461,796), representing an additional 9.1% of Atlas's issued share capital (excluding treasury shares held by Atlas). Under this agreement Livermore will transfer the consideration for the purchased shares by no later than 15 January 2008.

As part of the share transfer agreement, Elran represented to Livermore that it is not aware of any material information relating to Atlas which was not published in the company's reports that is expected to have a material adverse effect on the company and/or its business.

After the share purchase has taken place, and following recent share purchases it has made through the Alternative Investment Market (“AIM”), Livermore will hold 9,579,345 Ordinary Shares in Atlas, representing 21.28% of Atlas’s issued share capital.

Atlas is an AIM-quoted real estate investment and development company. Atlas's strategy is to build a high yielding investment portfolio and generate additional capital gain through development projects, with a focus on residential development. Its activities are focused in Central and Eastern Europe, excluding Russia and other former Soviet Union countries. Its current assets are located in Poland, Hungary, Slovakia and Romania.

Noam Lanir, Chief Executive Officer of Livermore, commented: "Following our initial share purchases in Atlas in early December 2007, we have now decided to increase our holdings in the company. We believe Atlas to be an attractive investment that represents good value to its shareholders, due to its strong market focus, solid asset portfolio, experienced management, and the purchase price, which is lower by more than 20% than the company's current NAV".


Doron Yassur
+972 542 555900

Hudson Sandler
Jessica Rouleau / Fran Read
020 7796 4133

Numis Securities
Lee Aston
020 7260 1000