Conversion of Securities

R.E.A.Hldgs PLC
09 October 2006

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

On 3 October 2006, the company announced it had received notices from holders of
371,918 warrants exercising the subscription and conversion rights attaching to
those warrants ahead of the final exercise date of 29 September.

Accordingly the company allotted 371,918 ordinary shares of 25p which were
admitted to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's market for listed securities on 9 October 2006

As a result of the exercise of warrant rights and allotment of ordinary shares
referred to above, the company has received notification of changes in interests
in the company of the following two directors and person discharging managerial
responsibility:

Name of        No of warrants   No of ordinary   Total no         Percentage of
director     exercised at 60p  shares allotted         of    ordinary shares in
               per ord. share                    ordinary                 issue
                                                   shares
                                                     held
R M Robinow            91,555           91,555    105,000                 0.34%
J M Green-Armytage     21,000           21,000     80,704                 0.26%

Name of PDMR
R E Landon             17,000           17,000     54,336                 0.18%


The company has also received notification of a change in interest in the
company of the following shareholder with a major interest:

Name of  No of      No of         Total no of    Registered       Percentage of
holder   warrants   ordinary      ordinary       holder of ord.   ord. shares in
         exercised  shares        shares held    shares held      issue
                    allotted
Emba 
Holdings   41,420        41,420      9,925,000   Emba Holdings           32.22%
Limited                                          Ltd 779,612
                                                 Perry Nominees
                                                 Ltd 9,145,388

Holders of 266,031 warrants have not exercised their subscription and conversion
rights and it is expected that such warrants will be exercised on their behalf
by the company by 30 October 2006, sold and the net proceeds after deduction of
60p per warrant distributed.

As a result Mr R M Robinow's interest in 17,745 warrants will cease.



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