Result of Open Offer

Kern River PLC
12 June 2001







                                Kern River plc



      Results of Placing and Open Offer of 5,750,000 new Ordinary Shares



The Company is pleased to announce that valid applications have been received
from Qualifying Shareholders for 4,397,963 new Ordinary Shares under the Open
Offer announced on 21 May 2001 which closed today. The number of shares taken
up represents 97.2 per cent. of the 4,522,501 new Ordinary Shares which were
available in the Open Offer, excluding the 1,227,499 new Ordinary Shares in
respect of which irrevocable undertakings not to apply had been received and
which were therefore placed firm.



703,125 Consideration Shares, which were placed firm on behalf of vendors, and
1,352,037 new Ordinary Shares not applied for under the Open Offer will be
taken up by placees.



An extraordinary general meeting has been convened for 18 June 2001 at which
resolutions will be proposed to approve, inter alia, the acquisition of Impax
Capital Corporation Limited. It is expected that the existing Ordinary Shares
and the new Ordinary Shares will be admitted to trading on the Alternative
Investment Market of the London Stock Exchange on 19 June 2001.





12 June 2001



For further information please contact:



Kern River plc

Stuart Bickerstaff, Non-executive chairman
(via Marshall Securities Limited)                       020  7490 3788



Marshall Securities Limited

Robert Luetchford/John Webb                             020 7490 3788