Issue of Equity

White Knight Investments PLC
16 December 2003

WHITE KNIGHT INVESTMENTS PLC ('the Company')

Ordinary Shares of 1p each

Further to the Company's announcement of 3 December 2003, the Company has on 12
December 2003 issued 7,500,000 Ordinary Shares which were placed at a price of 4
pence per share with Boston Life and Annuity Company Limited in addition to the
53,000,000 shares were issued to acquire Mistral Development Corporation
Limited. As a result Boston Life and Annuity Company Limited  will hold 3.94% of
the Company's enlarged issued share capital of 190,500,000 shares. Application
will be made for the shares to be admitted to trading on AIM and admission is
expected to take place on 23 December 2003.

Enquires:

N A Steinberg
Finance Director

Tel:  [phone]


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