Proposed Adjournment of AGM

United Overseas Group PLC
18 June 2001


                  United Overseas Group plc (the 'Company')

   Proposed adjournment of Annual General Meeting ('AGM') on 21st June 2001


Further to the announcement of 23 May 2001 with regard to the injection of new
equity funds into the Company, the Board announces that discussions with the
bank and major shareholders are progressing well. The Board expects to write
to shareholders in early July outlining its plans for a restructuring of the
share capital and a substantial rights issue underwritten by the major
shareholders.


In the current circumstances, the Board believes that it is inappropriate to
hold the Company's AGM until shareholders are in possession of all information
about the restructuring and the plans for the future of the Group.
Accordingly, at the AGM to be held on 21 June 2001, the Board intends to ask
shareholders to agree to adjourn the meeting without considering any of the
resolutions and to reconvene it for a date to coincide with a proposed
Extraordinary General Meeting at which proposals will be put forward in
connection with the restructuring of the Group's share capital.


Enquiries:


Michael Corke United Overseas Group plc Tel: [phone]

(Group Chief Executive)


Tim Worlledge Williams de Broe plc Tel: [phone]

Alastair Stratton (Financial advisers to United Overseas Group plc)