Issue of Equity

RNS Number:5743S
Scottish Radio Holdings PLC
27 November 2003



                          Scottish Radio Holdings Plc

                                Issue of equity

Scottish Radio Holdings plc ("Scottish Radio") announces that it has today
entered into an arrangement, conditional on admission, to place 1,620,000 new
ordinary shares ("New Ordinary Shares") at 790 pence per share (the "Placing"),
to raise approximately #12.8 million before expenses. The New Ordinary Shares
represent approximately 4.9 per cent. of Scottish Radio's existing issued share
capital. The broker to the Placing was Investec.

In the financial year ended 30 September 2003, Scottish Radio spent cash of
approximately #17.6 million on acquisitions funded from existing facilities.
Since the year end Scottish Radio has announced the proposed acquisition of
Capital Radio Productions Limited which operates FM 104 in Dublin for a
consideration of approximately #18 million (of which approximately #10 million
is in cash). The net proceeds of the Placing will be used primarily to fund the
cash element of the consideration for FM 104 which is payable upon completion.
The balance of the net proceeds will be used to reduce net debt. The acquisition
of FM 104 is subject to an investigation pursuant to the Irish Competition Act
2002. If the Republic of Ireland Competition Authority and Minister for
Enterprise, Trade and Employment do not approve the acquisition, the net
proceeds will be used initially to reduce net debt, increasing the group's
capacity to fund future acquisitions.

Applications have been made for the New Ordinary Shares to be admitted to the
Official List of the UK Listing Authority and to the London Stock Exchange to be
admitted to trading on its market for listed securities. It is expected that
admission will take place on Wednesday 3 December 2003. The New Ordinary Shares
will rank pari passu with the existing issued ordinary shares, including the
right to receive the final dividend of 13.0 pence per share payable on 26
January 2004.


For further information contact:

Scottish Radio Holdings plc         Tel: [phone]
Richard Findlay
Alan Wilson

Investec                            Tel : [phone]
Keith Anderson
Rupert Krefting

Gavin Anderson                      Tel: [phone]
Byron Ousey
Ken Cronin

Investec, a division of Investec Bank (UK) Limited, which is regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively
for Scottish Radio as broker in relation to the Placing and is not acting for
any other person in relation to the Placing. Investec will not be responsible to
anyone other than Scottish Radio for providing the protections afforded to its
clients or for providing advice in relation to the contents of this announcement
or any arrangement referred to herein.



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