Subscription Completed etc

Character Group PLC
21 August 2000

 
 
 
                              The Character Group plc 
              Completion of the Subscription by Toys Investment S.A. 
                               ('the Subscription') 
                                       and  
                        Appointment of a Non-Executive Director 
 
 
Further to the announcement made on 17th July 2000, The Board of The
Character Group is pleased to announce the completion of the Subscription by
Toys Investment S.A. ('Toys Investment') - a company beneficially owned by
Enrico Preziosi and Claudio Luti. 
 
Following the subscription and the purchase by Toys Investment of 1,385,286
ordinary shares from related interests of Richard King, Toys Investment has
an aggregate interest in 3,467,949 Ordinary Shares representing approximately
15% of The Character Group's enlarged issued share capital. 
 
Dealings in the 2,082,663 new Ordinary Shares issued in relation to the
subscription commenced today. 
 
Following the completion of the Subscription, Enrico Preziosi, Chairman and
majority shareholder of Giochi Preziosi S.p.A ('Giochi Preziosi') joins the
Board of The Character Group as Non-Executive Director. Mr Preziosi founded
Giochi Preziosi in 1984 and has been instrumental in growing the business to
become one of Italy's leading toy companies. Giochi Preziosi designs,
distributes and retails toys and related products. In the financial year
ended 31 August 1999, Giochi Prezisoi generated sales of approximately 304.1
billion lire (£95 million) and profits before tax of approximately 18.7
billion lire (£5.9 million). 
 
Richard King, Chairman, The Character Group commented: 
 
'We are delighted to welcome Enrico Preziosi to the Board - his commercial
knowledge will be an asset to the Group. 
 
In addition, we have enjoyed a good trading relationship with Giochi Preziosi
since 1997 - not only will the investment by Giochi Preziosi reinforce this
trading link, it will also provide opportunities for growth for The Character
Group, both organically and by acquisition.' 
 
Enquiries:  
Richard King, Chairman                 Fiona Tooley 
Kiran Shah, Group Finance Director     Citigate Dewe Rogerson 
The Character Group plc                Tel: [phone] 
Tel: [phone]                     Mobile: [phone]