Compulsory Acqn of Shares

RNS Number:1396Q
FIMBank (UK) Ltd
24 September 2003



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN


FOR IMMEDIATE RELEASE          24 September 2003


                             Recommended cash offer

                                   by WestLB
                       on behalf of FIMBank (UK) Limited,

                          a wholly owned subsidiary of

                   First International Merchant Bank p.l.c.,

                       for London Forfaiting Company Plc


         Compulsory acquisition of outstanding London Forfaiting Shares


On 22 July 2003, the Boards of London Forfaiting and FIMBank (UK) announced a
recommended cash offer for the entire issued and to be issued share capital of
London Forfaiting. On 28 August 2003, FIMBank (UK) announced that it had
declared the Offer unconditional in all respects.


FIMBank (UK) announces that as at 3.00 p.m. (London time) on 23 September 2003
valid acceptances of the Offer had been received from the holders of, in
aggregate, 90,553,402 London Forfaiting Shares, representing approximately 86.42
per cent. of the London Forfaiting Shares to which the Offer relates. FIMBank
(UK) has also acquired 7,548,948 London Forfaiting Shares, representing
approximately 7.20 per cent. of the London Forfaiting Shares to which the Offer
relates. Accordingly, FIMBank (UK) has now acquired or received valid
acceptances in respect of an aggregate of 98,102,350 London Forfaiting Shares,
representing 93.63 per cent. of the London Forfaiting Shares to which the Offer
relates.

FIMBank (UK) has today commenced the procedure for compulsory acquisition of the
remaining London Forfaiting Shares under Part XIII A of the Companies' Act 1985
as amended. The appropriate notices are expected to be sent out today to the
remaining shareholders of London Forfaiting who have not accepted the Offer and
the compulsory acquisition procedure is expected to be concluded on or about 5
November 2003.


Save as disclosed above, neither FIMBank (UK) nor any person acting, or deemed
to be acting, in concert with FIMBank (UK) held any London Forfaiting Shares (or
rights over any London Forfaiting Shares) prior to the commencement of the Offer
Period nor has any such person since the commencement of the Offer Period
acquired or agreed to acquire any London Forfaiting Shares (or rights over any
London Forfaiting Shares).


Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.


This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities pursuant to the
Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the Offer Document and
the Form of Acceptance.


WestLB, authorised and regulated in the United Kingdom by the FSA, is acting
exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.


Dawnay, Day, authorised and regulated in the United Kingdom by the FSA, is
acting exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.


The Offer was not made, directly or indirectly, in, into or from or by the use
of the mails or any means of instrumentality (including without limitation,
facsimile transmission, telex, telephone or internet) of the United States, or
in, into or from Canada, Australia or Japan or any other jurisdiction if to have
done so would have constituted a violation of the relevant laws of such
jurisdiction. Accordingly, copies of this announcement are not being, and must
not be, mailed or otherwise distributed or sent in, or into or from the United
States, Canada, Australia or Japan. Persons receiving this announcement
(including without limitation custodians, nominees and trustees) must not
distribute or send it in, or into or from the United States, Australia, Canada
or Japan.


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