Holding(s) in Company

RNS Number:3947R
Leo Insurance Services PLC
02 April 2008


2 April 2008

                           Leo Insurance Services Plc

                             Holding(s) of Company

Leo Insurance Services Plc (the "Company") announces that it was notified 
yesterday day that Safeland Holdings Corporation ("SHC") has today sold its 
entire holding of ordinary shares of 1p in the Company ("Shares") (amounting to
2,633,926 Shares, which equates to 36.5% of the Company's issued ordinary share
capital) to Karayaka Investments Corporation ("KIC") for a nominal sum. The
issued share capitals of each of SHC and KIC are owned in equal proportions by
Larry Lipman, Errol Lipman and Steven Lipman.

Rule 9 of the City Code on Takeovers and Mergers ("the Code") applies to any
person or group of persons acting in concert who acquires an interest in shares
which, when taken together with shares in which that person or group are
interested, carry 30% or more of the voting rights of a company, (or who holds
not less than 30% but not more than 50% of the voting rights of a company) and
acquires any interest in additional shares which increases his percentage of the
voting rights of the company. Such a person is normally required by the Panel on
Takeovers and Mergers ("the Panel") to make a general offer to all shareholders
of the company pursuant to Rule 9 of the Code.

Where a concert party holds more than 50% of the voting rights of a company and
for so long as its members continue to be treated as acting in concert, the
concert party may increase its aggregate shareholding without being subject to
the provisions of Rule 9 of the Code. However, the Panel should be consulted
before any individual member of such concert party increases his holding through
a Rule 9 threshold.

Larry Lipman, Errol Lipman, Steven Lipman, Ray Lipman and SHC (together "the
Lipman Concert Party") are treated as acting in concert for the purposes of the
Code. Details of their respective holdings in the Company set out below.

Member of Lipman Concert Party     Beneficial Interests     Percentage of issued
                                   in ordinary shares              share capital
                                   of 1p  
                                                                               %

Larry Lipman                                     22,004                     0.30
Errol Lipman                                    129,833                     1.80
Ray Lipman                                      129,833                     1.80
Steven Lipman                                       Nil                      Nil
SHC                                           2,633,926                    36.50

Total                                         2,915,596                    40.40

In view of the fact that the issued share capitals of each of SHC and KIC are
owned by Larry Lipman, Errol Lipman and Steven Lipman in equal proportions, the
Panel has confirmed that there is no requirement for KIC to make an offer for
the remaining shares in the Company pursuant to Rule 9 of the Code.

End

Contacts:

Leo Insurance Services Plc              Arbuthnot Securities
Larry Lipman, Managing Director         John Prior, Ben Wells
Paul Davis, Finance Director            Tel: [phone]
Tel: [phone]



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