Conversion of Debt

Cater Barnard PLC
17 March 2004

17 March 2004

                               CATER BARNARD PLC

                       ('Cater Barnard' or 'the Company')

                               Conversion of debt

The Company announces that on 16 March 2004 it issued to Global Investments
Limited ('Global') 54,216,139 ordinary shares of 0.1p each in the capital of the
Company ('Ordinary Shares'), at a conversion price of 0.316p per Ordinary Share,
following conversion of the £171,323 loan owed by the Company to Global (the
'Global Loan'). As previously announced on 17 February 2004, these new Ordinary
Shares were conditionally placed on Global's behalf and accordingly, Global does
not have any interest in the Company's share capital. Following the conversion,
the Company has now fully discharged its liability to Global in respect of the
Global Loan.

Application will be made for the new Ordinary Shares issued to the loan
conversion to be admitted to dealing on the Alternative Investment Market, and
dealings are expected to commence on 23 March 2004.

ENDS




                      This information is provided by RNS
            The company news service from the London Stock Exchange