Further re Open Offer

Creightons PLC
16 February 2000



Creightons plc ('Creightons' or the  'Company')
Open Offer
Waiver of Listing Rules 4.8 and 4.26

The    Board   of   Creightons   announced   yesterday    (the
'Announcement')   that   the   Company   proposes   to   raise
approximately £1.3 million (net of cash expenses)  through  an
open offer (the 'Open Offer') of up to 29,814,784 new ordinary
shares of 1p nominal value in the Company ('Offer Shares')  at
an  offer  price  of 5p per share ('Offer Price').  The  Offer
Price  represents a discount of approximately 58 per cent.  to
the  mid-market  price of 12p at which the  existing  ordinary
shares in the Company were quoted at the close of business  on
31  January  2000 (being the last dealing date  prior  to  the
suspension  from  trading  of the existing  ordinary  shares).
Further to the Announcement, the Board of Creightons announces
that the London Stock Exchange has granted Creightons a waiver
in  respect of certain of its listing rules ('Listing Rules').
Listing  Rules    4.8  and  4.26   have  been  waived  on  the
following basis.

Rules  4.8  and 4.26 of the Listing Rules prohibit, in  normal
circumstances,  the issue of securities to listing, other than
by  way  of a rights issue, if the issue price is to be  at  a
discount of more than 10 per cent. to the middle market  price
of  those  securities at the time of the announcement  of  the
issue.  The London Stock Exchange may grant a waiver  to  this
rule  if the issuer is in severe financial difficulties.   The
Company  is in severe financial difficulty and the  Board  has
explored  and  exhausted  all  alternative  forms  of  finance
available at present which might stabilise the Company.  These
include   new   bank   facilities  and/or  accelerated   asset
disposals.  Mr  Hamilton, Chief Executive of  Creightons,  has
recently indicated that he is considering a management buy-out
of  the business of the Company. Whilst the Board continues to
consider  this  proposal,  it is not presently  on  acceptable
terms  and the Board did not consider that satisfactory  terms
could  be  agreed  within the required  timeframe.  Given  the
urgent   need  for  additional  working  capital,   the   only
alternative available to the Board is to raise funds by  means
of  the  Open Offer on the terms proposed in the Announcement,
with the Company's immediate financing requirements being  met
out  of the loan, also referred to in the Announcement, to  be
made    by   Oratorio   Developments   Limited,   which   owns
approximately  21.6 per cent. of the issued share  capital  of
Creightons.  Without the immediate availablility of  the  loan
facility  from Oratorio Developments Limited, the Board  would
have   had  no  alternative  but  to  put  the  Company   into
receivership.   On this basis, the London Stock  Exchange  has
granted Creightons a waiver to Rules 4.8 and 4.26.

The  Board  of  Creightons  notes that,  as  set  out  in  the
Announcement, irrevocable undertakings have been  received  in
respect  of  a  total of 18,698,185 Offer Shares, representing
approximately 62.71 per cent. of the total Offer  Shares,  and
that   the   remaining  Offer  Shares  are  the   subject   of
underwriting arrangements.