McAlpine (Alfred). - Result of Rights Issue

RNS No 7583r
ALFRED McALPINE PLC
1st July 1997
                   ALFRED McALPINE PLC

            Rights Issue of 20,888,468 units of Convertible
        Unsecured Loan Stock in Alfred McAlpine Funding PLC

                       RESULTS OF THE RIGHTS ISSUE


Alfred McAlpine PLC ("Alfred McAlpine") announces the result of the
rights issue of 20,888,468 stock units in Alfred McAlpine
Funding PLC, convertible into ordinary shares in Alfred
McAlpine ("Stock Units") at 142p per Stock Unit, which
closed at 3.00pm on 30 June 1997.

On announcement of the recommended offer for Raine plc on
9 May 1997 Alfred McAlpine had received an undertaking
from PDFM Limited to take up its right to subscribe for
its full entitlement of 4,345,902 Stock Units. In
addition, the directors of Alfred McAlpine had
irrevocably undertaken to take up their full entitlement
to subscribe for 19,822 Stock Units.  These Stock Units
have now been subscribed for in full.

Valid subscriptions, including those outlined above, were
received in respect of 10,871,608 Stock Units,
representing approximately 52.05 per cent. of the issue.

The Stock Units provisionally allotted pursuant to the
Rights Issue will convert into ordinary shares in the
share capital of Alfred McAlpine ("Ordinary Shares") by
21 July 1997.  Accordingly, definitive certificates for
Stock Units will not be issued, but definitive
certificates for new Ordinary Shares will be despatched
to those entitled.

In accordance with the underwriting arrangements, the sub-
underwriters to the Rights Issue will be required to take
up 10,016,860 Stock Units provisionally allotted but not
taken up and will be advised accordingly today.


Alfred McAlpine PLC                          0171 930 6255
Oliver Whitehead

Close Brothers Corporate Finance             0171 426 4000
Sir Mark Wrightson

Cazenove & Co.                               0171 588 2828
Nicholas Wiles


END