'It is not possible to progress...'

Nomura's Statement
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The Independent Online

Dome Europe announces that it has reluctantly decided to withdraw from the Millennium Dome Legacy Competition. This follows information that has come to light recently regarding the situation at NMEC and the Millennium Dome.

Dome Europe announces that it has reluctantly decided to withdraw from the Millennium Dome Legacy Competition. This follows information that has come to light recently regarding the situation at NMEC and the Millennium Dome.

Critically, the information provided to Nomura recently has revealed substantial uncertainty with regard to the ability of NMEC to transfer the Dome assets on a timely basis.

Dome Europe has learnt the following: a report by PricewaterhouseCoopers, which Dome Europe has not been given, apparently reveals critical new information about the costs and future liabilities of the Dome; NMEC has not established what assets it owns; NMEC's lack of understanding of who owns the intellectual property relating to the Dome and its assets is likely to adversely impact on Dome Europe's ability to operate the zones; there are various disputes with sponsors where certain sponsors could have claims against various assets of the Dome, including items core to the project; NMEC's undertaking to Dome Europe on ticket price discounting has been broken; a number of suppliers to the Dome are claiming ownership of assets and demanding payment for their future use by Dome Europe; rights under the construction contracts relating to the structure of the building may be unenforceable due to lack of compliance by NMEC with repair and maintenance procedures.

Therefore it is not possible at this time to progress with a purchase of the Dome. Accordingly, Dome Europe has withdrawn.

Dome Europe remains convinced that a successful leisure attraction can be operated at the Dome. However, it is clear it will be some time before there will be sufficient information available about the state of NMEC and its assets to permit any transaction to proceed.

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