Director Shareholding

RNS Number:2634V
Shaw (Arthur) & Co PLC
30 April 2002


                   ARTHUR SHAW & COMPANY PLC ("the Company")

                         GRANT OF OPTIONS TO DIRECTORS


Arthur Shaw & Company Plc ("the Company") announces that it granted options to
the following directors of the Company on 29 April 2002:

Mr Tim Curle was granted an option for no consideration to subscribe for up to
5,000,000 ordinary shares of 0.1p each at an exercise price of 1p per share. The
Option shall be exercisable as to 1,250,000 Ordinary Shares within 5 years of
the date of grant. The option in respect of the remaining 3,750,000 Ordinary
Shares shall be exercisable within 10 years of the date of grant in the
following tranches and subject to the achievement of an average mid-price per
share over any period of 3 consecutive trading days of at least the amount set
out in the table below in respect of such tranche:


No. of Ordinary Shares                                                Mid-price

1,250,000                                                             5.0p
1,250,000                                                             7.5p
1,250,000                                                             10.0p



Mr Richard Halcrow was granted an option for no consideration under an agreement
between him and the Company to subscribe for up to 2,000,000 ordinary shares of
0.1p each at an exercise price of 1p each. The Option shall be exercisable as to
500,000 Ordinary Shares within 5 years of the date of grant. The option in
respect of the remaining 1,500,000 Ordinary Shares shall be exercisable within
10 years of the date of grant in the following tranches and subject to the
achievement of an average mid-price per share over any period of 3 consecutive
trading days of at least the amount set out in the table below in respect of
such tranche:


No. of Ordinary Shares                                                Mid-price

500,000                                                               5.0p
500,000                                                               7.5p
500,000                                                               10.0p



Mr Bryan Morrison was granted an option for no consideration to subscribe for up
to 30,000,000 ordinary shares of 0.1p each at an exercise price of 1.5p each.
The Option shall be exercisable within 10 years of the date of grant.

In consideration of the grant of the above option, Mr Morrison has agreed to
waive all accrued but unpaid salary due to him from the Company since 30 June
2001 until the earlier of 30 September 2002 or the appointment of a new chief
executive.  The total amount of salary waived by Mr Morrison, assuming a new
chief executive is not appointed prior to 30 September 2002, is £400,000.  In
addition, Mr Morrison has agreed to surrender the existing option he has to
subscribe for 23,882,844 Ordinary Shares at an exercise price of 1.875p per
share which was exerciseable at any time prior to 1 October 2002.

The options granted to Mr Curle and Mr Morrison were granted under the new
Arthur Shaw & Company PLC 2002 Employee Share Option Scheme which was adopted at
the Company's Annual General Meeting on 24 April 2002. The option granted to Mr
Halcrow was granted under a separate option agreement but is on broadly similar
terms to the options granted to Mr Curle.



Enquiries:                      C.P.Parkes - 01902 368268



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