Pursuant to the Company's Executive Share Option Scheme, options over 300,000 Ordinary Shares of 5 pence each (“Ordinary Shares”) have been exercised at an average price of 85.5 pence per Ordinary Share.

Accordingly, on 12 November 2004 the Board of the Company allotted 300,000 Ordinary Shares to a former employee of the Company.

Application has been made to the AIM market of the London Stock Exchange (“AIM”) for the admission to trading of these 300,000 Ordinary Shares.  These shares rank pari passu with the Company's existing Ordinary Shares and dealings are expected to commence on 18 November 2004 on AIM.

For further information, please contact:

Regal Tel: 020 7408 9500
Chris Phillips, Company Secretary 
 
Buchanan Communications Tel: 020 7466 5000
Bobby Morse