Acquisition

Highcroft Investments PLC
17 May 2004



                           HIGHCROFT INVESTMENTS PLC


Commercial Property Investment

Having reviewed a number of opportunities, the Board is pleased to announce that
on 14 May 2004 a subsidiary of Highcroft Investments PLC, Rodenhurst Estates
Limited, purchased for cash a property located in Cirencester.



It comprises three retail units let to Going Places, Card Warehouse, and
Ladbrokes on leases which expire in 2009, 2014 and 2017. The value of the net
assets acquired is to be satisfied by a cash consideration of £1,515,000. The
profits attributable to the transaction are expected to be approximately £91,000
per year.



This is a further step in implementing the Board's strategy of modifying the
allocation of funds in order to place a greater focus on the property portfolio.



17 May 2004


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