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TWST: Can we begin with a brief historical sketch and then bring us up-to-date with who and where St. Modwen Properties (London:SMP.L) is today?

Mr. Glossop: The Company’s history was put together in 1986 by a reverse takeover after an engineering group called Redman Heenan International plc sold off all its engineering businesses, but still had some property and a market quotation. It bought a small development operation called Clarke St. Modwen Developments and in the process the shareholders of Clarke St. Modwen became the largest shareholders of Redman Heenan. The Company changed its name to St. Modwen Properties and launched from being an engineering business into being a property business. In the early years there was a concentration on development, but by 1991-92 it was moving equally into longer-term investment. In the last few years, we have established a fairly leading position in the United Kingdom in the field of regeneration and virtually everything we do now is associated with regeneration of either buildings or sites that have been used before. We do very little development on greenfield sites -- clean sites. We have identified not just regeneration but four areas of regeneration where we have specific expertise: one is town center; that’s 1960s shopping centers, for example, which are old and need revitalizing; then brownfield land -- you might call it contaminated land, but in this country for various reasons we call it brownfield land. We are extremely good at taking collieries, steel works and the like, and cleaning them up for a multitude of uses; we also work extremely closely with industry in a rationalizing form, so we will take steel works, collieries or former engineering works -- anything that is large -- and we are very good at assisting people, particularly if they are down sizing and perhaps want to surrender three quarters of the site, but get themselves into new premises on the rest. So we will do packages where we ease out or reduce the role of the existing occupier and then take the site and redevelop it for a variety of uses, with them either in part of the site or not there at all again; finally heritage -- in this country there are a significant number of important old heritage sites and one of the ways that you can get favorable planning or zoning available for planning is through restoring the heritage. So those four areas of regeneration are very much scene. I think we are unique in the mix, and certainly among the leading edge in the country in each of those sections.

TWST: Can we take a look at the strategy going forwards? Perhaps you could summarize and draw an outline of the next 24 months or so?

Mr. Glossop: We have been rash enough to go out publicly – not just recently but some time ago -- and say that our financial strategy is to double in size every five years, which means we are saying we will grow on average at 15% per annum compound and in our recent half year statement, which was only published last Tuesday, the Chairman said we remain on course to grow in line with our long-term objective and doubling net worth every five year. So we are saying that, at the present time, we see no reason even with some of the uncertainties around why we shouldn’t grow at the rate of 15%. And about as far as you can see is somewhere between 18 months and two years. We have a lot of schemes already signed up to take us through that period – not all the schemes we need, but we have got a lot of 2003 penciled in already; 2004 is more in the air; 2005-2006 -- that’s the period where you are marshaling schemes now for that period. But taking in 18 months to two years we would hope we could continue with our trend growth.

TWST: How long has that track record been sustained?

Mr. Glossop: We have been doing that since 1991. Our Chairman has said again that this year is going to be another record. He always keeps making these statements – it’s very worrying for me! But, we are up to either nine or ten years now where we have been going forward at this rate, sometimes a bit above. I don’t think we have dropped below that rate in the last nine or ten years.