Statement re Acquisition

RNS Number:7237E
Conister Trust PLC
16 June 2006


                              Conister Trust PLC

                         ("Conister" or the "Company")


                       Re Acquisition / Share Suspension


Conister Trust today announces that it has ceased discussions concerning a
potential acquisition that would have been defined as a reverse takeover of the
Company pursuant to the AIM Rules. The Company has therefore requested that the
suspension of the Ordinary Shares from trading is lifted.

Following the recent subscription of 12,000,000 Ordinary Shares by Burnbrae
Limited for a consideration of #5.4 million, the Company will pursue
aggressively a growth strategy and will look to complete acquisitions as
suitable opportunities are found. Following his appointment as Chief Executive,
Jerry Linehan undertook a strategic review of the businesses of the Company and
concluded that in order to deliver long term shareholder value the Group needs
to refocus. Conister Trust will now progressively reposition itself as a private
banking group, servicing the rapidly growing high net worth market as well as
developing a number of e-commerce banking opportunities.

The costs involved in attempting to deliver the reverse takeover will most
likely be taken into the current year's results. Meanwhile trading in the core
markets remains competitive.

The Directors of Conister are also delighted to announce that Jim Mellon, the
beneficial owner of Burnbrae Limited, and Don McCrickard have agreed to join the
board of Conister Trust as Non-Executive Directors, subject to regulatory
approval, with effect from the conclusion of the Annual General Meeting to be
held on Friday June 23rd 2006.


The CV's of Jim Mellon and Don McCrickard can be found below:


James Mellon, aged 49

Mr Mellon is an entrepreneur who has established several companies around the
globe, holds directorships with several investment companies and is the ultimate
beneficiary of Burnbrae Limited. He began his career with GT Management in the
US and in Hong Kong, and later became the co-founder and managing director of
Thornton Management (Asia) Ltd. Mr Mellon is also the founding and principal
shareholder of the Regent Pacific Group Limited. He is a non-executive director
of Charlemagne Capital Limited which had approximately $5.8 billion of assets
under management as at 30 April 2006. Mr Mellon holds a masters degree in
Politics, Philosophy and Economics from Oxford University.


Donald Cecil McCrickard, aged 69

Mr McCrickard spent the early part of his business career in financial and
general management positions with a number of companies in the UK, the US and
Australia before pursuing a career in management consultancy. From 1975-83 he
was employed by American Express where he successively headed their businesses
in the UK, Europe/Middle East/Africa and Asia/Pacific/Australia and was a
Director of American Express International Inc. Mr McCrickard was employed by
the TSB Group plc (now LloydsTSB Group) from 1983-92 and became Group Chief
Executive as well as Chairman of Hill Samuel, the Group's merchant banking
subsidiary. He was Chairman of the Group's Executive Committee, a member of the
Executive Committee of the British Bankers Association and a member of the Bank
of England's Deposit Protection Board. Mr McCrickard was also Chairman of
Margaret Thatcher's constituency Enterprise Trust under her Presidency. He is
currently the Senior Independent Non Executive Director of Brit Insurance
Holdings plc, a FT250 insurance group as well as Vice Chairman of National
Counties Building Society.


JIM MELLON

CURRENT DIRECTORSHIPS

Asian Opportunity Fund 1998 -Series I

Asian Opportunity Fund 1998 -Series II

AstroEast.com Limited

AstroEast.com Limited

betinternet.com plc

BFS Absolute Trust Limited

Bigsave Holdings plc

Bigsave Travel Ltd

Bigsave UK Limited

Burnbrae Group Limited

Burnbrae Limited

Charlemagne Capital (IOM) Limited

Charlemagne Capital Limited

Charlemagne Capital Russia Fund

Charlemagne Capital Russia Value Fund

Clean Air Capital Limited

Discover Investment Company

Euromin

Fixed-Odds Capital (Cook Islands) Ltd

IC Technology (UK) Limited

Mago Resources (PTY) Limited

Paymonthly.com (Hong Kong) Limited

Regent Corporate Finance Limited

Regent Fund Management (Asia) Limited

Regent Fund Management Limited

Regent Markets Group Limited

Regent Market Holdings Limited

Regent Pacific Group Limited

Shellbay Investments Limited

Sleepwell Hotels (UK) Limited

Sleepwell Hotels Limited

Speymill Property Managers Limited

Titec BVI Ltd

UAFC Limited

Undervalued Assets Property Fund -Series Two

Uranco Inc


PAST DIRECTORSHIPS


ARC Rainbow Fund

Capital Nominees Limited

Charlemagne Capital (Barbados) Limited

Cycletek Investments Ltd

Divine Limited

Eastern Europe Money Market Fund

Global Glory Investment Limited

Henderson Baillieu Limited

Interman Europe plc

Interman Holdings Limited

Interman (Hong Kong) Limited

London Art.Co.UK Limited

Moores Investments Ltd

Nirvana Capital (BVI) Limited

The New Korea Growth Fund

Nirvana Capital Limited

The Perfect Ending.com Limited

Philippines Long Term Equity Fund Limited

Regent CIS Fund Limited

Regent CIS Fund (Labuan) Limited

Regent European Securities (Barbados) Limited

Regent Global Fund

Regent Metals Holdings Ltd

(formerly Red Dragon Resources Corp.)

Regent MIC Management Limited

Regent Pacific Fund

Regent Pacific Group (Hong Kong) Limited

Regent Pacific Private Equity Limited

Regent Undervalued Assets Africa Fund

Regent Ukraine Fund

RL Country Warrant Fund

RPG (Bahamas) Limited

Shaanxi Red Dragon Resources Ltd

Tomaso Pte Ltd

Undervalued Assets Fund - Series One

Undervalued Assets Fund - Asia

Undervalued Assets Greater China Fund -Series Three


Mr Mellon is also a non-executive director and chairman of Regent Pacific Group
Limited, a company listed on the Hong Kong Stock Exchange. The directors of
Conister have been informed by Mr Mellon that there is an arrest warrant in his
name which was originally issued by the South Korean prosecutor's office on 19
December 2000 and subsequently reissued on 14 January 2004. The warrant will
remain valid and effective until 12 March 2010.

The arrest warrant pertains to Mr Mellon's alleged involvement in a conspiracy
with Seung-Hyun Jin ("Mr Jin") and Chang-Kon Koh to manipulate the share price
of Regent Securities Co., Ltd and a failure to make adequate investigations in
connection with the provision of certain loans by one of Regent's subsidiaries
to Mr Jin. Mr Mellon has informed the board of Conister that he denies these
allegations. Mr Mellon has also informed the board of Conister that, on 28 March
2001, he submitted to the South Korean authorities, via his South Korean
counsel, a comprehensive sworn affidavit refuting the allegations. The South
Korean counsel retained by Mr Mellon have confirmed that, as far as they are
aware, there is no evidence, written or otherwise, in support of the
allegations.


DON MCCRICKARD

CURRENT DIRECTORSHIPS

Brit Insurance Holdings Plc,

European Convergence Property Company plc (IOM incorporated)

National Counties Building Society

The Equity Partnership Investment Company (IOM incorporated)


PAST DIRECTORSHIPS

Crimestoppers Limited

London Town plc

Verdandi Ltd

Digitalbrain Ltd

Demica plc

Hemisphere Props PLC

Other than the details contained within this announcement, there is no
information required to be disclosed by paragraph (g) of Schedule Two to the AIM
Rules.



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            The company news service from the London Stock Exchange

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