Conversion of Securities

Impax Group PLC
03 March 2005


                                Impax Group plc

During February 2005 the Company received conversion notices from holders of
£357 nominal of the 5.5 per cent. Convertible Unsecured Loan Stock 2009
('Stock'). Accordingly it has allotted 7,854 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
7,854 Ordinary Shares to AIM. It is expected that admission will become
effective and trading will commence on 9 March 2005. Following conversion and
allotment the Company will have £2,442,906 nominal of Stock outstanding and
37,505,166 Ordinary Shares in issue.

3 March 05



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