EGM Statement

Mavinwood PLC
10 May 2005

                                  Mavinwood Plc
                         ('Mavinwood' or 'the Company')

                  Result of EGM and Placing and Clawback Offer

The Board of Mavinwood announces that its proposal to acquire ReStore Group
Holdings Limited ('ReStore'), a document storage and record management company,
was today approved by shareholders at an EGM. ReStore presently manages the
archiving, storage, retrieval and other document management services for a wide
range of clients, including substantial law firms, banks, insurers and food
manufacturing, engineering, property and construction companies. The
acquisition, which the Company expects to complete this afternoon, constitutes a
reverse takeover under the AIM Rules and application will be made, following
completion, for the Company, with its enlarged share capital of 59,750,000
ordinary shares, to be readmitted to trading on AIM tomorrow.

The Company also announces that it intends, in connection with the acquisition,
to issue 35,850,000 New Ordinary Shares at 11p per share, raising £3,943,500
(before expenses). These funds were raised through a placing and clawback offer
to shareholders on the basis of 3 new ordinary shares for every 2 existing
ordinary shares. 3,652,250 new ordinary shares were applied for by shareholders
under the terms of the clawback offer and the remaining 32,197,750 were placed
with Geraldton Services Inc. ('Geraldton'), of which Lord Ashcroft KCMG is the
ultimate beneficial owner.

All of the other resolutions proposed at the EGM were also passed, including
approval of the waiver by the Panel on Takeovers and Mergers for Geraldton to
make a general offer pursuant to Rule 9 of the City Code as a result of the
allotment and issue of 32,197,750 new ordinary shares which, when aggregated
with the shares already held by Geraldton, will result in Geraldton holding
39,197,750 ordinary shares and therefore controlling 65.6 per cent. of the
voting rights in the Company.

Contacts:

Kevin Mahoney, Chief Executive                020 7661 9650

Michael Vincent, Finance Director             020 7661 9651

John Coles, Weber Shandwick                   020 7067 0749

Louise Carpenter, Seymour Pierce Limited:     020 7107 8000


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