RNS Number:0830J
Hanover Capital Group PLC
21 March 2003



21 March 2003

      Hanover Capital acquires the debt of Underwriting & Subscription Plc

Hanover Capital Group Plc ("Hanover" or the "Company"), the AIM quoted mining
investment company, has acquired from the professional advisers and other
creditors of Underwriting & Subscription Plc (USP) the outstanding debt
amounting to #221,952.60. These creditors have agreed to accept ordinary shares
of 1p each in Hanover in full and final settlement of their debts. This now
means that Hanover is a major shareholder of USP.

It is proposed that USP will settle the debt now owed to Hanover through the
issue of 2,774,408 ordinary shares of 1p each in the capital of USP at a price
of 8p each. Hanover will not call for the capitalisation of this debt, however,
until such a time as USP completes its proposed investment in the mining sector.

Stephen Lumb, on behalf of Hanover, commented on the proposals:

 "The acquisition of the debt from the creditors of USP provides Hanover with
the opportunity to become a substantial shareholder in USP in due course which
we view as beneficial to Hanover as USP intends to invest in the mining sector
which is in line with our current investment strategy."

                                     -Ends-

For further information please contact:

Stephen Craig Lumb                                    Simon Robinson/ Ana
Ribeiro

Hanover Capital Group Plc                          Parkgreen Communications

Tel: 0870 732 2208                                      020 7287 5544


                      This information is provided by RNS
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