SPRINGDOO PLC (the “Company”) Disposal & Cancellation

March 11th, 2008

Springdoo plc

The Company announces that it has entered into an agreement, conditional on the approval of shareholders, to dispose of the freehold land owned by the Company located at Bridge Street and Bridge Lane, Carlisle (the “Disposal”) to Watkin Jones & Son Limited. The consideration for the Disposal is £1,425,000, payable in cash on completion.

Carlisle property
The site is located at the junction of Bridge Lane and Bridge Street. The building site is highly prominent, being one of the main arterial routes into Carlisle city centre.
The buildings on the site have been demolished and planning permission has been granted for a change of use and to develop the property into student accommodation.

Reasons for the Disposal
The Directors no longer consider it viable to develop this site into student accommodation and believe it is in the best interests of the Company and shareholders to dispose of the property.

Financial effects of the Disposal and use of proceeds
Following the Disposal, the Company expects to have cash resources in the region of £1,250,000. The proceeds will be used by the Company to consider future investment opportunities as they arise.

Cancellation
The Directors believe that following completion of the Disposal the interests of the Company will be best served as a private company. The Board will seek the approval of shareholders for the cancellation of the admission of the Company’s shares to trading on AIM (“Cancellation”).

Board change
The Company also announces that Adam Robert Freeman will step down from the Board with immediate effect.

Further details will be included in a circular to approve the Disposal and Cancellation which is expected to be dispatched to shareholders by tomorrow.

For further information please contact:

Lee Dudack, Springdoo plc - Tel: 07799 775 141
David Youngman, WH Ireland Ltd - Tel: 0161 832 2174