WSPH White Star

RNS Number:7680S
White Star Property Holdings PLC
21 April 2008

For Immediate Release                               21 April 2008



                   White Star Property Holdings plc

                       ("WSPH" or the "Company")



Settlement Agreement

The Directors are pleased to announce that an agreement (the "Agreement") has
been reached between the Company,  Mr Paul Castle, a significant shareholder in
the Company and Alpine Manor Limited ("AML") , to rescind previous agreements
whereby the Company  would acquire from  Mr Castle or entities connected with Mr
Castle various properties and to terminate the consultancy agreement with Mr
Castle's company Saletta Property Finance Limited ("Saletta").

The agreement places the onus on Mr Paul Castle to make or procure restitution
to the Company of monies previously advanced by it in connection with the
proposed purchases outlined above and of the consultancy fee paid to Saletta.
The repayments , totalling �465,000,  of which �126,000 have already been paid
to the Company, will be made by Mr Paul Castle to the Company in monthly
instalments and culminating in a final payment on 28 February 2009. Furthermore,
under the terms of the Agreement, WSPH and Mr Castle shall release each other,
with immediate effect, from their respective obligations under the Burnham
Agreement. Mr Castle has agreed to pay to the Company the sum of �400,000,
including interest, in full and final settlement of any obligation due to the
Company by him either on the sale of the Burnham property or by March 2010 at
the latest.

Finally, the transaction is by its nature a related party one and under the
requirements of Rule 13 the directors consider, having consulted with Zimmerman
Adams International, the Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as its shareholders are concerned.

Enquiries:

White Star Property Holdings
Brian Basham, Chairman                       Tel:       020  7405 7777
Luca Tenuta, Chief Executive Officer         Tel:       020 7748 2215
                                             www.whitestarproperty.com

Zimmerman Adams                              Tel:       020 7060 1760
Graeme Thom
Charity Walmsley                             www.zimmint.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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