Acquisition(s)

Commercial Property Investment.                        

The release of the following Stock Exchange announcement was approved by the
Board today.

Commercial Property Investment

On 25 April 2003 a subsidiary of Highcroft Investments PLC, Rodenhurst Estates
Limited, completed the purchase for cash of a property located in Norwich.

The property was acquired from the Duchy of Cornwall. It comprises a retail
unit let to Austin Reed Limited for a term of 25 years starting from January
1990. The value of the net assets acquired was satisfied by a cash
consideration of £1,510,000. The profits attributable to the transaction are
expected to be approximately £88,800 per year.

The board feels that this investment is a valuable part of a continuing
programme to enhance the quality of the Company's property portfolio and is in
line with the policy statement announced on 14 June 2002.

25 APRIL 2003