Goldshield Grp PLC - Result of Placing& Open Offer

RNS No 2390j
GOLDSHIELD GROUP PLC
29 July 1999


Goldshield Group plc ("Goldshield" or the "Company")

Results of the Placing and Open Offer

On 7 July 1999, Goldshield announced the terms of a Placing and Open Offer of
4,022,502 New Ordinary Shares at 410p per share to raise approximately #15.6
million (net of expenses).

1,062,537 of these New Ordinary Shares were placed on a firm basis with
institutional investors after undertakings were received from certain
Directors not to take up their entitlements in the Open Offer. Certain
directors of the Company irrevocably committed to take up their entitlements
to 243,750 New Ordinary Shares. The balance of 2,716,215 New Ordinary Shares
remained available for the take up by Qualifying Shareholders in the Open
Offer.

By 3.00pm on 28 July 1999, being the latest time and date for receipt of
completed Application Forms and payment in full under the Open Offer, in
addition to the 243,750 New Ordinary Shares taken up by certain directors of
the Company, valid applications had been received from Qualifying Shareholders
for 2,369,663 New Ordinary Shares, representing 87.2 per cent. of the
2,716,215 New Ordinary Shares which remained available for the take up in the
Open Offer.

The balance of 346,552 New Ordinary Shares will be taken up by institutional
investors with whom they were placed subject to clawback under the Open Offer.

Dealings in the New Ordinary Shares are expected to commence at 9.00am on 5
August 1999.

For further information, please contact:

Goldshield Group plc
Ajit Patel, Chairman & Chief Executive                     0181 649 8500

WestLB Panmure Limited
Ronald Openshaw                                            0171 638 4010

WestLB Panmure Limited, which is regulated by the Securities and Futures
Authority Limited, is acting for Goldshield Group plc in connection with the
Placing and Open Offer and no one else and accordingly will not be responsible
to anyone other than Goldshield Group plc for providing the protections
afforded to customers of WestLB Panmure Limited nor for providing advice in
relation to the Placing and Open Offer.

END

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