Sale of Shares

Cater Barnard PLC
11 July 2003


FOR IMMEDIATE RELEASE                          11th July 2003






CATER BARNARD PLC


Cater Barnard plc ('the Company') announces that it has today sold a total of
9,608,713 ordinary shares in Cater Barnard (USA) plc at a price of 2p per share,
raising £192,174 before expenses to add to cash reserves. This is a continuation
of the directors' strategy of realising the Company's investments. The Company
now retains 8,355,280 shares in Cater Barnard (USA) plc, approximately 32.16% of
the issued shares.


Minlay Limited has acquired 7,756,113 of the shares sold by the Company.


First Financial Securities Limited has acquired 1,852,600 shares. Adrian Stecyk,
a director of the Company is beneficially interested in all the shares held by
First Financial.


The Company also announces that it has exercised and sold its remaining options
in Medicis  Pharmaceutical  Corp.   raising a further $US156,000 (£ 95,790) to 
add to cash deposits






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