McInerney Holdings PLC 15 February 2006 Wednesday, 15th February 2006 McINERNEY HOLDINGS plc ACQUIRES AUGUSTA DEVELOPMENTS LTD McInerney Holdings plc ('McInerney' or 'the Group') is pleased to announce the acquisition of UK based Augusta Developments Limited ('Augusta' or 'the Company') a provider of social housing projects, with immediate effect. Based in Milton Keynes, Augusta Developments was founded in 1994 and operates in Northampton, Wellingborough, Oxford, Milton Keynes, Bedford and Luton. Its activities are focused on the Registered Social Landlord ('RSL') market providing affordable homes. The acquisition of Augusta is seen as highly complementary to McInerney's UK strategy and will provide a platform to further develop the Group's business. Social housing accounts for some 12% of the UK housing market and is an important segment. Augusta is well positioned to take best advantage of this market under McInerney's ownership. Barry O'Connor, Managing Director, McInerney Holdings plc stated today: "This acquisition provides the Group with an entry into the significant social homes segment of the UK housing market. It also provides a foothold for McInerney in a new geographic region, the South Midlands area, which will assist our regional expansion in the private housing sector." Consideration Total consideration of up to £6.27 million (€9.13m) will be payable as follows: • An initial consideration of £3.27 million (€4.76m) payable in cash • Additional earn-out consideration up to a maximum of £3.0million (€4.37m) may become payable by McInerney depending on the earnings before interest and tax (EBIT) achieved by Augusta in the four year period following acquisition. Business Augusta is an established regional builder and is currently active on six projects involving 92 units with a combined value of £6.488m (€9.45m). The Company specialises in sourcing land suitable for affordable homes and negotiating the construction of homes with regional Housing Associations. Its key areas of activity are in the South Midlands area. ENDS FOR INFORMATION: Siobhan Molloy Tel: (01) 676 01 68 or (086) 817 50 66 Weber Shandwick FCC About McInerney Holdings plc McInerney Holdings plc is one of Ireland's leading development companies, with divisions specialising in various aspects of the construction market. McInerney Holdings plc comprises four divisions operating in Ireland, Spain and the United Kingdom. The company is Ireland's largest national homebuilder, and undertakes extensive commercial and leisure projects both in Ireland and abroad. The company is listed on the Dublin and London Stock Exchanges (ISE: MCI.I/LSE: MCI). See www.mcinerney.ie for further information. This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange This information is provided by RNS The company news service from the London Stock Exchange