Result of Equity Issue

RNS Number:1595Z
Ultimate Finance Group PLC
27 May 2004


                       Ultimate Finance Group PLC ("UFG")

UFG provides factoring and invoice discounting services, which provide small to
         medium sized businesses with a highly flexible form of funding

                        Result of Offer for Subscription

For immediate release
                                                                     27 May 2004
  
The Board of Ultimate Finance Group PLC ("UFG") is pleased to announce that its
offer for subscription of up to 5,300,000 new ordinary shares at 15p each closed
on 21 May 2004 and was oversubscribed.

The combined net proceeds of the offer for subscription and the Company's recent
placing amounted to #1.15 million, strengthened the Company's capital base and
enhanced its borrowing capacity, enabling it to fund its growing factoring and
invoice discounting books. The Company also intends to expand its sales force
and continue to build its customer portfolio at a quicker pace than hitherto.

Subscribers who signed commitments prior to the offer have been allotted all the
3,430,000 new UFG shares for which they applied.

Existing UFG shareholders who applied using preferential application forms and,
by discretion, certain other existing shareholders, who had purchased UFG Shares
prior to 28 April 2004 but whose registration details were received after 28
April 2004, have been allotted all the 1,239,533 new UFG shares for which they
applied.

Other valid applications have been scaled down so that, subject to rounding
differences, the relevant applicants have been allotted 630,467 UFG shares,
being approximately 82.5% of the UFG shares for which they applied.

UFG now has 19,997,018 shares in issue and the new UFG Shares are expected to 
be admitted to trading on AIM on 28 May 2004.

W.H. Ireland Group PLC is deemed by the City Code on Takeovers and Mergers to
be acting in concert with its directors and with discretionary investment
management clients of its wholly owned stockbroking subsidiary, W.H. Ireland
Limited (together referred to as "the Concert Party"). After Admission of the
new shares under the Offer for Subscription, the Concert Party will, in 
aggregate, hold 5,515,310 UFG shares (representing approximately 27.6% of UFG's
enlarged issued share capital).

Brian Sumner Chief Executive said:,
"We have made significant progress since coming to AIM in 2002 and with funding
now in place, the company can accelerate its strategy of addressing significant
opportunities in the rapidly growing UK factoring market."

Enquiries
Brian Sumner, Chief Executive                         Tel: [phone]
David Floyd, Dawnay, Day Corporate Finance Limited    Tel: [phone]
Shane Dolan, Biddicks                                 Tel: [phone]
David Youngman, W.H. Ireland Limited                  Tel: [phone]




Notes to editors

Factoring

Factoring is a method whereby trading companies raise finance by selling the
debts due from their customers on a continuing basis to raise cash for working
capital and for expansion. It is in many cases preferable to a bank overdraft
for the company and for this reason is a strongly growing sector of the
financial market.

Products

The full factoring package service arrangement provides advances of up to 85% of
approved debtors and debt collection / sales ledger management services for
client businesses which results in faster payments from customers, without
damaging goodwill. Invoice discounting is similar in that clients sell the trade
debts due from their customers and receive a cash advance, but the client
retains responsibility for its own credit management.






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

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