Result of Equity Issue

United Overseas Group PLC
21 August 2001

     United Overseas Group plc ('United Overseas Group' or the Company')


                           Results of Rights Issue


The 12 for 7 Rights Issue by United Overseas Group of 239,835,324 New Ordinary
Shares at 2.5p per share, announced on 5 July 2001, closed for acceptances at
3.00pm on 20 August 2001. The Board of United Overseas Group announces that
valid acceptances have been received in respect of 150,475,226 New Ordinary
Shares, representing approximately 62.74 per cent. of the total number of New
Ordinary Shares offered pursuant to the Rights Issue.

The balance of New Ordinary Shares not taken up under the Rights Issue will be
subscribed by the underwriters, Jeffrey Curtiss and Madeleine
Sandersson-Curtiss. Following their subscription, the Underwriters will hold a
total of 283,957,582 ordinary shares, which represents 74.78 per cent. of the
Company's issued share capital.

It is expected that CREST stock accounts will be credited for the New Ordinary
Shares in uncertificated form on 23 August 2001 and that definitive share
certificates in respect of the New Ordinary Shares will be despatched by 31
August 2001.



Enquiries:

United Overseas Group plc Jeffrey Curtiss (Group Chief Executive)
tel: [phone]

Williams de Broe Plc Tim Worlledge/Alastair Stratton tel: [phone]