RNS Number:5134U
Raven Mount plc
22 January 2004


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


FOR IMMEDIATE RELEASE               22 January 2004

                                     Offer

                                   by WestLB

                                  on behalf of

                                Raven Mount plc

                                      for

                              Swan Hill Group PLC



Compulsory acquisition of outstanding Swan Hill Shares


On 12 November 2003, Raven Mount announced an offer (the "Offer") for the entire
issued and to be issued share capital of Swan Hill. On 17 December 2003, Raven
Mount announced that it had declared the Offer unconditional in all respects.


Raven Mount announces that as at 3.00 p.m. (London time) on 20 January 2004
valid acceptances of the Offer had been received from the holders of, in
aggregate, 55,028,530 Swan Hill Shares, representing approximately 92.21 per
cent. of the Swan Hill Shares to which the Offer relates.


Raven Mount has today commenced the procedure for compulsory acquisition of the
remaining Swan Hill Shares under Part XIII A of the Companies' Act 1985 as
amended. The appropriate notices are to be sent out today to the remaining
shareholders of Swan Hill who have not accepted the Offer and the compulsory
acquisition procedure is expected to be concluded on or about 3 March 2004. Save
as disclosed above, neither Raven Mount nor any person acting, or deemed to be
acting, in concert with Raven Mount held any Swan Hill Shares (or rights over
any Swan Hill Shares) prior to the commencement of the Offer Period nor has any
such person since the commencement of the Offer Period acquired or agreed to
acquire any Swan Hill Shares (or rights over any Swan Hill Shares).


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, which is regulated in the United Kingdom by the Financial Services
Authority, is acting for Raven Mount and 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 contents of this announcement have been approved by WestLB for the purposes
of section 21 of the Financial Services and Markets Act 2000.


All terms and expressions used in this announcement shall, unless the contrary
is expressly stated or the context requires otherwise, have the same meaning as
in the AIM Admission Document and Offer Document, save that "WestLB" now refers
to WestLB Basinghall Limited.


The Offer will not be made, directly or indirectly, in or into, or by use of the
mails or by any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or by
any facilities of a national state or other securities exchange of, the United
States, 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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