Offer Update

For immediate release

                                                                  2 March, 2004

                 Azure Holdings PLC ("Azure" or "the Company")                 

                             Result of Open Offer               

Following the closing of the Open Offer, announced on 9th February, 2004, at
3.00 p.m. on 1st March, 2004, valid applications had been received for
1,989,319 Offer Shares.

The take-up under the Open Offer represents 16.01 per cent. of the total Offer
Shares and 5.99 per cent. of the issued share capital of the Company following
the Open Offer.

The Open Offer remains conditional, inter alia, on the passing of the
resolution to be proposed at the extraordinary general meeting to be held on
3rd March, 2004. Application has been made to the London Stock Exchange for the
1,989,319 Offer Shares to be admitted to trading on AIM. It is expected that
admission will become effective and that dealings in the 1,989,319 Offer Shares
will commence on 4th March, 2004.

2nd March, 2004

For further enquiries:

Azure Holdings Plc 020 7723 8833

Nicolas Greenstone (Executive Chairman)

John East & Partners Limited 020 7628 2200

John East/David Worlidge

2



END