De-listing from AIM

RNS Number:0008K
Aquarius Group PLC
14 April 2003



                               AQUARIUS GROUP PLC


                              DE-LISTING FROM AIM


                                 14 APRIL 2003



Aquarius Group plc ("Aquarius" or the "Company"), a manufacturer of products for
the UK homeware markets, announces that it has applied to have its ordinary
shares de-listed from AIM. It is anticipated that the de-listing will take
effect on Friday 16 May 2003.


Since the Company's announcement of its interim results for the period ended 30
September 2002 on 13 December 2002, Aquarius's two trading companies, Welwyn
Lighting Designs Limited ("Welwyn") and Turner Brothers (Candlewick) Limited
("Turners"), have continued to experience challenging trading conditions in
their respective markets. Although Welwyn has benefited recently from new
business with an existing customer, the outlook for both businesses remains
uncertain. Their major customers, being the large high street retailers and DIY
sheds, continue to seek year on year price reductions and competition from
cheaper foreign imports remains intense.


With no prospect of any material improvement in the Company's markets, the Board
has, for some time, been looking at ways to improve the long term prospects of
Aquarius, including exploring the possibility of the disposal of one or both of
Welwyn and Turners and the identification of a suitable acquisition for the
Company. In the absence of a transaction of this nature, the prospects for the
Company remain subject to an inherent degree of uncertainty and the survival of
Aquarius is contingent upon Welwyn and Turners being able to meet their sales
and cashflow forecasts and upon it being able to fund its working capital needs.
Aquarius is expected to again report an operating loss for the financial year
ended 31 March 2003.


Apart from Welwyn and Turners, the principal asset of the Company is its holding
of 2,601,478 7% cumulative redeemable preference shares of #1 each in Airbath
Group plc ("Airbath"). On 9 April 2003, Airbath announced that it would not be
paying the preference dividend of #91,000 due in relation to the six month
period ended 31 March 2003.


At a mid-price of 2 pence per share (being the closing mid-price of Aquarius
shares on 11 April 2003, the last practicable date prior to the publication of
this announcement), the Company is capitalised at #460,000 and, in the twelve
month period ended 30 April 2003, shares in the Company were only traded on 79
of the 253 days when the market was open. The direct and indirect costs which
are incurred by the Company in maintaining its AIM listing are estimated to be
in the region of #80,000 per annum. In the current market, there is no realistic
prospect of the Company being able to raise money by issuing further equity.


The Board feels that the benefits to the Company and its creditors and
shareholders of the Company's AIM listing are limited and that these benefits
are outweighed by the costs involved, particularly given that the Group's focus
in the near term must be the conservation of cash. The Board has therefore
concluded that it is in the best interests of the Company's stakeholders for the
Company to de-list from AIM.


Following the de-listing, the Board will continue to search for opportunities to
dispose of some or all of the Company's assets. The Board will also consider
investing in further reorganisation of the Company's businesses with a view to
improving their competitive positions.


Whilst there will be no market in the Company's shares following the de-listing,
the Company will endeavour to introduce shareholders wishing to sell their
ordinary shares to prospective buyers. Shareholders wishing to dispose of some
or all of their holding following the de-listing should contact the Company
Secretary. Ordinary shares will continue to be capable of being held in
uncertificated form and traded through CREST.



Shareholders are not required to take any action in relation to the de-listing.


For further information, contact:


Aquarius Group plc
Brown, Shipley & Co. Limited

Glenn Powers, Chief Executive                         Philip Johnson

Tel: [phone]                                     Tel: [phone]



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