Conversion of Securities

Impax Group PLC
01 March 2004


Impax Group plc

During February 2004 the Company received conversion notices from holders of
£62,731 nominal of the 5.5 per cent. Convertible Unsecured Loan Stock 2009
('Stock'). Accordingly it has allotted 1,380,082 Ordinary Shares of 1p, subject
to admission of the shares to trading on the Alternative Investment Market of
the London Stock Exchange ('AIM').

Application has been made to the London Stock Exchange for admission of the
1,380,082 Ordinary Shares to AIM. It is expected that admission will become
effective and trading will commence on 8 March 2004. Following conversion and
allotment the Company will have £2,471,966 nominal of Stock outstanding and
36,865,846 Ordinary Shares in issue.

1 March 2004



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