Result of open offer and EGM

R.E.A.Hldgs PLC
22 May 2002


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





The company announces that at its extraordinary general meeting held today, all
the resolutions proposed in the notice of meeting included in the company's
listing particulars dated 26 April 2002 (the 'listing particulars') were duly
passed.



In addition, the company announces that as of 3.00 p.m. yesterday, the latest
time and date for receipt of applications for 4% convertible stock pursuant to
the open offer set out in the listing particulars, valid applications were
received amounting, in aggregate, to £2,348,867 of convertible stock.



Pursuant to the underwriting arrangements set out in the listing particulars,
Emba Holdings Limited and Agusan Plantations Inc have consequently subscribed an
additional £1,423,208 and £27,925 of convertible stock respectively, bringing
total subscriptions for convertible stock to £3.8 million.  Of the £1,423,208
convertible stock subscribed by Emba, £1,380,071 is held by Emba as nominee for
Agusan.



It is expected that the convertible stock will be admitted both to the Official
List of the UKLA and to trading on the market for listed securities of the
London Stock Exchange tomorrow, 23 May 2002.  CREST accounts in respect of the
convertible stock are expected to be credited on the same date.  Definitive
stock certificates are expected to be despatched on or before 29 May 2002.



Terms and expressions in this announcement shall bear the same meaning as in the
listing particulars, save where the context otherwise requires.









ENDS



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