ReScheme of Arrangemnt-Replmt

SMG PLC
26 June 2000

The 'Further re Scheme of Arrangement' announcement for SMG PLC released today
at 13:20 under RNS No.8357M has been re-released to facilitate onward
transmission by third party vendors.

The announcement is unchanged and is reproduced in full below.

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SMG plc (formerly Scottish Media Group plc)

Scheme of Arrangement ('the Scheme') to create SMG plc as the holding company
of Scottish Media Group plc, including an effective 4 for 1 sub-division of
existing ordinary shares

The Scheme becomes effective.
 
Further to the announcement on Friday 23 June 2000, the Board of Scottish
Media Group plc is pleased to announce that dealings in SMG plc shares and
CULS have now commenced and that the Scheme has today become effective
 
Under the terms of the Scheme, shareholders receive 4 new SMG plc 2.5p
ordinary shares in consideration for the cancellation of each Scottish Media
Group plc 10p ordinary share which was held at 5.30 p.m. on Friday 23 June
2000.  

In addition, £1 nominal SMG plc CULS will be allotted for each £1 Scottish
Media Group plc CULS which was held at 5.30 p.m. on Friday 23 June 2000, in
consideration for the cancellation of Scottish Media Group plc CULS. 

CREST accounts are today being credited with SMG plc ordinary shares for those
shareholders who hold their shares in dematerialised form.  Certificates will
be despatched by Monday 10 July 2000 for all holders of SMG plc CULS and for
holders of SMG plc ordinary shares in certificated form.  

Enquiries:

SMG

Callum Spreng          0141 300 3300
Dawn Davidson          0141 300 3300

Schroder Salomon Smith Barney

Simon Gluckstein       020 7658 6000

Schroder Salomon Smith Barney ('SSSB'), which is regulated in the United
Kingdom by The Securities and Futures Authority Limited, is acting for
Scottish Media Group plc and for SMG plc and no one else in connection with
the Scheme and will not be responsible to anyone other than Scottish Media
Group plc or SMG plc for providing the protections afforded to customers of
SSSB or for providing advice in relation to the Scheme or any element thereof.