Acquisition

MANX & OVERSEAS PLC
10 September 1999


Manx & Overseas Plc ('Manx')

Manx is pleased to announce the acquisition of Denbrae Estates Limited and
Lemones Limited (the 'Companies') from Thane Investments Limited ('Thane').

Manx will issue a total of 9.25m new ordinary shares to acquire all the shares
in the Companies and all the inter-company debt due to Thane in excess of
£475,000.  The number of Manx shares attributable to the inter-company debt
will be determined on the basis of a price of 7p per share.  Manx will also
procure the repayment of £475,000 of inter-company debt to Thane in cash.  The
£475,000 is to be financed from the proceeds of replacing the Companies'
current loan of £1,490,000 from Bristol& West Plc with a new loan of
£1,950,000 from Nationwide Building Society.  

The Companies being acquired are both property investment and dealing
companies whose portfolios are mainly retail.  All properties are held
freehold.

The combined balance sheets of the Companies as at 19th August 1999 show net
assets of £197,126 to which a combined profit after taxation (and before
dividend payments) of £34,532 is attributable for the year to 31st December
1998.  The properties will be re-valued by Manx in due course and are expected
to show an uplift in valuation.  Manx will also benefit from the addition of
rental income from the properties which will produce £100,000 per annum
surplus after servicing the debt.

Application will be made for the admission of the new ordinary shares in Manx
to trading on the Alternative Investment Market and trading is expected to
commence on 16 September 1999.