RNS Number:0446S
Raven Mount plc
13 November 2003


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


FOR IMMEDIATE RELEASE          13 November 2003


                                     Offer

                                   by WestLB
                         on behalf of Raven Mount plc,

                            for Swan Hill Group PLC


                     Offer Unconditional as to Acceptances

On 12 November 2003, the Board of Raven Mount announced that WestLB had made an
all share offer on behalf of Raven Mount to acquire all of the issued and to be
issued share capital of Swan Hill by means of the Offer Document which was
posted on 12 November 2003. The Board of Raven Mount today announces that the
Offer has become unconditional as to acceptances. The first closing date of the
Offer is 3 December 2003.


Raven Mount announces that as at 2 p.m. on Thursday, 13 November 2003, valid
acceptances of the Offer had been received from the holders of, in aggregate,
30,787,685 Swan Hill Shares, representing approximately 51.6 per cent. of the
issued share capital of Swan Hill. This includes acceptances relating to
8,887,436 Swan Hill Shares (representing approximately 14.9 per cent. of the
issued share capital of Swan Hill) received from Schroder Investment Management
Limited pursuant to the irrevocable undertaking entered into prior to the Offer
Period.


Save as disclosed above, neither Raven Mount nor any person deemed to be acting
in concert with Raven Mount held any Swan Hill Shares or rights over Swan Hill
Shares prior to the commencement of the Offer Period on 12 November 2003, or has
either acquired or agreed to acquire any Swan Hill Shares or rights over Swan
Hill Shares since then.

The Offer is conditional on, amongst other things, admission of Raven Mount
Shares to AIM, for which an application has already been made.


Swan Hill Shareholders who have not yet accepted the Offer are urged to do so as
soon as possible.


Swan Hill Shareholders who wish to accept the Offer, and who have not yet done
so, should complete the Form of Acceptance enclosed with the Offer Document and
return it, together with relevant share certificate(s) and/or other document(s),
to the receiving agents to the Offer, Capita IRG Plc, at Corporate Actions, PO
Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH as soon as
possible. Additional Forms of Acceptance are available from Capita IRG Plc, by
telephoning 0870 162 3100 (if calling from within the UK) or +44 20 8639 2157
(if calling from outside the UK).


Terms defined in the Offer Document dated 12 November 2003 have the same meaning
in this announcement unless the context otherwise requires.


Enquiries

WestLB: Nicholas Wells, Frank Malone                           020 7020 4000

Bell Pottinger Financial: David Rydell, John Coles             020 7861 3232




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 Raven Mount 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 Raven Mount for providing the protections
afforded to its customers or for providing advice in relation to the Offer.


The Offer will not be 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 do
so would constitute 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, Canada, Australia or Japan.


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