Update re Refinancing

Character Group PLC 15 June 2001 The Character Group PLC ('Character Group' or 'the Company') Update Further to the announcement made on 29 May 2001, the Company is pleased to announce that the short term loan of £2.5 million from Toys Investment SA was received on 8 June 2001. The Company announces that it is in the final stages of completing the refinancing of the Group, in the form of a £4.6 million convertible loan and a rights issue, and now expects details of such refinancing to be circulated to shareholders by not later than Friday 22 June 2001. For further information please contact Richard King 0208 949 5898 15 June 2001
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