Compulsory Conversion Notice

RNS Number:5662T
GMA Resources PLC
23 December 2003






For Immediate Release                                           23 December 2003



                                GMA Resources Plc

                       ("GMA Resources" or the "Company")

                                        
                   Compulsory Conversion Notice regarding the
                                        
            8 per cent. Convertible Unsecured of Loan Stock ("CULS")



Further to the press announcement made on 23 October 2003 in which the Company
announced that #3,818,500 nominal value of CULS had been converted into ordinary
shares, the Company is now entitled to give all remaining holders of CULS notice
of its intention compulsorily to convert all the outstanding CULS into ordinary
shares at the conversion rate of 10p nominal of CULS per ordinary share.
Accordingly, GMA Resources announces that it is today posting a notice to the
remaining holders of CULS regarding the compulsory conversion of their holdings
of CULS into new ordinary shares of the Company ranking pari passu with the
existing issued ordinary shares on the basis of a conversion price of 10p per
ordinary share.


A copy of the conversion notice is available free of charge to members of the
public at the offices of Field Fisher Waterhouse, 35 Vine Street, London EC3N
2AA during normal business hours on any weekday (Saturdays and public holidays
excepted) and shall remain available for at least one month from the date of
posting.


                                    ---END---


For further information please contact:


Trevor Matthews

Joint Company Secretary

GMA Resources

Tel. No. [phone]


George Cotter

Solicitor

Field Fisher and Waterhouse

Tel. No. 020 7861 4000












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

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