WSPH White Star

    White Star Property Holdings Plc ("White Star" or the "Company")

Trading update / Issue of equity

Investment in Mercury Group Plc

The Board announces that between 17 September 2006 and 18 September 2006 the
Company agreed to acquire 11,600,714 shares in Mercury Group Plc ("Mercury")
the AIM quoted real estate support services company from certain shareholders
in Mercury ("Vendor Shareholders") representing approximately 10.3 per cent of
Mercury's issued share capital for a consideration of �464,000. As part of the
agreement the Vendor Shareholders have agreed to subscribe in cash for new
ordinary shares and warrants in White Star, details of which are set out below.

The net cash outflow to the Company as a result of its investment in Mercury
amounts to �82,800 as a result of the subscription of the new ordinary shares
in the Company and the purchase of warrants in the Company by the Vendor
Shareholders. The directors of the Company believe that the investment in
Mercury will lead to a strategic relationship with Mercury which will benefit
the Company.

Proposed issue of new ordinary shares

The Company has agreed to issue 22,000,000 new ordinary shares in the Company
to the Vendor Shareholders for an aggregate consideration of �298,000. 
The proceeds will be used to provide the Company with additional working capital.

Following the proposed issue of shares referred to above the Company's issued
share capital will amount to 300,559,500 ordinary shares of 1 pence per share,
assuming no further issue of equity.

The new ordinary shares will rank equally with the existing share capital of
the Company. Application will be made to the London Stock Exchange for the new
ordinary shares to be admitted to trading on AIM.

Proposed grant of warrants

In consideration for an aggregate payment of �83,200 the Board has agreed to
grant warrants to the Vendor Shareholders over 81,850,000 new ordinary shares
in the Company's issued share capital, representing approximately 27% of the
current issued share capital of the Company. Further details relating to the
warrants are set out in the table below:-

Number of shares     Exercise     Exercise period                       
over which warrants  price                                              
will be granted                                                         
                                                                        
80,000,000           1.4          16 March 2007 - 16 September 2009     
                                                                        
1,850,000            1.73         16 March 2007 - 16 September 2009     



END

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