Conversion of Securities

R.E.A.Hldgs PLC
04 February 2004

04 February 2004


R.E.A. Holdings plc ('the Company')

Conversion Notice

The Company has received conversion notices from holders of £455,131 nominal of
the 4 per cent. Convertible Loan Stock 2012 arising from the additional
conversion period provided during the month of January 2004. Accordingly the
Company has allotted 858,737 new Ordinary Shares of 25p each, subject to
admission of the shares to the Official List of the UK Listing Authority and to
the London Stock Exchange's market for listed securities, for which application
has been made. It is expected that admission will become effective and dealings
will commence on 10 February 2004.


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