Result of Open Offer

R.E.A.Hldgs PLC
4 May 2001

RESULTS OF UNDERWRITTEN OPEN OFFER

R.E.A. HOLDINGS PLC (the 'company') announces that qualifying shareholders and
warrant holders subscribed an aggregate of 2,335,053 new ordinary shares
pursuant to the open offer made by the company on 10 April 2001. Accordingly,
under the terms of the underwriting agreement between the company and Emba
Holdings Limited ('Emba') dated 10 April 2001, Emba will itself subscribe, or
procure subscribers for, the balance of 907,681 new ordinary shares offered
pursuant to the open offer, at the open offer price of 46 pence per share. The
gross proceeds of the open offer are approximately £1.49 million.

Application is being made for the 3,242,734 new ordinary shares to be allotted
pursuant to the open offer to be admitted to the Official List. Application
has also been made to the London Stock Exchange for these new ordinary shares
to be admitted to trading on its market for listed securities and it is
expected that trading will commence on 8 May 2001.

These new ordinary shares will be issued and allotted, conditional only upon
Admission, immediately upon finalisation of the underwriting arrangements and
a further announcement as to the major interests arising on such finalisation
will be made in due course.


Enquiries:

Richard Robinow

Chairman, REA Holdings plc - 020 7631 3988

Leonie Grimes / David Kent

Andersen Corporate Finance - 020 7438 3000