AGM Statement

Anglo-Welsh Group PLC
24 May 2002

                             Anglo Welsh Group Plc

                                 AGM Statement

Stephen Thomson, Executive Chairman of Anglo-Welsh Group Plc ('the Company'),
made the following statement at the annual general meeting today;

'As you will be aware the stated strategy of the company is to dispose of the
remaining assets in the Group and seek an attractive acquisition opportunity,
which due to its size is likely to be classified as a reverse takeover under the
AIM rules.

I am pleased therefore to tell shareholders that we are at an advanced stage of
negotiations to sell the remaining fleet of 92 boats for a cash consideration.
When this has been achieved the asset disposal exercise will have largely been
achieved and we will be able to concentrate on finding an acquisition in the
knowledge that the Company's principal asset will be cash.

In anticipation of completing the asset disposal we have looked at a number of
sectors and are currently investigating various opportunities, none of which are
at more than a preliminary stage.'

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