Issue of Equity

Conygar Investment Company PLC(The)
18 February 2004

18 February 2004


                       The Conygar Investment Company PLC

                                Issue of Equity


The Conygar Investment Company PLC ('Conygar' or 'the Company') announces that
it has entered into arrangements to place 522,000 new ordinary shares of 5 pence
each at 90 pence per share to raise approximately £470,000 before expenses ('the
Placing').  The Placing is conditional on the new ordinary shares being admitted
to trading on AIM.

The Placing has been carried out in order to satisfy investor demand for, and to
widen the ownership of, the Company's shares.  The net proceeds of the Placing
are expected to be approximately £465,000.  The proceeds will increase the cash
resources of Conygar and will be used to finance future investments and
acquisitions by Conygar.

The new ordinary shares will rank pari passu with the Company's existing
ordinary shares.

Application has been made for the new ordinary shares to be admitted to AIM and
it is expected that admission will occur on 26 February 2004.

Enquiries

The Conygar Investment Company PLC                                020 7629 7270
Robert Ware


Deloitte & Touche Corporate Finance                               020 7936 3000
Ian Jamieson
Adam Hall



Bridgewell Securities Limited
020 7003 3000

Ben Money-Coutts
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