Result of Equity Issue

RNS Number:2240N
PGI Group PLC
07 June 2005


NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES  
OF AMERICA, CANADA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR JAPAN

PGI Group plc ('the Company')

Result of Rights Issue

Following the announcement on 3 June 2005, the remaining 1,442,437 New Ordinary Shares for which valid acceptances were 
not received have been placed with investors, at a price of 40 pence per share (gross of expenses). The net proceeds 
from the sale of these shares, after the deduction of the Rights Issue Price of 25 pence per New Ordinary Share and 
relevant costs, will be paid to Qualifying Holders who have not taken up their entitlements, pro rata to their lapsed 
provisional allotments, save that amounts of less than #3 per holding will be retained for the benefit of the Company.  
As a result of the procurement of subscribers, Rovida Holdings will not be required to subscribe for any New Ordinary 
Shares as underwriter.

It is expected that definitive share certificates in respect of the New Ordinary Shares will be despatched by 13 June 
2005. New Ordinary Shares are being credited to CREST accounts today. The total number of 25 pence Ordinary Shares in 
issue is now 97,027,274.

Irrevocable undertakings and Directors' shareholdings

In accordance with the irrevocable undertakings of Nicholas Roditi, Rovida Asset Management Limited and Rovida Estates 
Limited, and the Directors intentions, stated in the Prospectus dated 18 April 2005, the figure for valid acceptances 
of 34,584,562 New Ordinary Shares includes 25,528,961 New Ordinary Shares subscribed for by each of the Directors (and 
persons connected with them) taking up their rights in full, save that Geoff Moores subscribed for 15,446 New Ordinary 
Shares, representing 58.36 per cent. of his entitlement. In addition, Rupert Pennant-Rea and Nicholas Roditi acquired 
100,000 and 650,000 New Ordinary Shares respectively as part of the placing described above at 40 pence per share.

Following the Rights Issue, and as notified to the Company today by each of the Directors, the shareholdings of the 
Directors (and persons connected with them) are as follows:

Director                Number of shares     Number of           Total holding   % of issued
                        subscribed in the    additional Ordinary following       share
                        Rights Issue         Shares acquired     notification    capital

Rupert Pennant-Rea             29,520             100,000         172,020        0.18
Richard Clothier               45,148                   -         110,148        0.11
Geoff Moores                   15,446                   -          69,000        0.07
Sebastian Hobhouse             50,443                   -         123,067        0.13
Steven Wayne                        -                   -       9,200,000        9.48
Barry Hill                          -                   -               -        0.00
Dr Julius Makoni                    -                   -               -        0.00
Nicholas Roditi (1)        25,388,404             650,000      61,162,235       63.04

(1) The number of shares subscribed in the Rights Issue includes
acceptances from the following companies associated with Nicholas
Roditi:

Rovida Asset Management Limited                                      1,410,895
Rovida Estates Limited                                              10,179,312

Definitions used in the prospectus dated 18 April 2005 shall have the same meanings when used in this announcement, 
unless the context requires otherwise.

For further information please contact:

PGI Group plc                                              020 7246 0207
Richard Clothier, Group Chief Executive

Panmure Gordon & Co                                        020 7459 3600
Andrew Godber
Andrew Potts


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

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