Result of Open Offer

RNS Number:5254T
Peerless Technology Group PLC
22 December 2003

Embargoed until 7.00 am Monday 22 December 2003


22 December 2003

                         Peerless Technology Group plc

                         ("Peerless" or the "Company")


                              Result of Open Offer


On 28 November 2003 the Company announced, inter alia, a Placing and Open Offer
of 22,914,736 New Ordinary Shares of 1p each in the Company at a price of 16p
per share. Of the New Ordinary Shares 15,433,486 were placed firm and 7,481,250
were conditionally placed subject to clawback to satisfy valid applications by
Qualifying Shareholders under the Open Offer.

The Open Offer closed at 3.00p.m. on 19 December 2003. Valid applications were
received in respect of 411,561 New Ordinary Shares representing 5.50 per cent.
of the New Ordinary Shares the subject of the Open Offer. The balance of the New
Ordinary Shares will be taken up under the terms of the Placing.

Application has been made to the London Stock Exchange for Admission of the
Enlarged Share Capital of the Company (including the New Ordinary Shares) to
trading on AIM. Subject, inter alia, to the passing of the Resolutions to be
proposed at the EGM, it is expected that Admission will become effective and
that dealings will commence on 23 December 2003.

Unless the context otherwise requires, capitalised terms used in this
announcement shall have the meanings given to them in the circular to
shareholders of the Company dated 28 November 2003.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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