Result of Equity Issue

Morgan Crucible Co PLC
12 March 2004

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA

                        THE MORGAN CRUCIBLE COMPANY PLC

12 March 2004

                  95% take up of Morgan Crucible Rights Issue

The Morgan Crucible Company plc ('Morgan Crucible') today announces that it has
received valid acceptances in respect of 54,990,916 new Morgan Crucible shares,
representing 95% of the total number of new Morgan Crucible shares offered to
shareholders, pursuant to the 1 for 4 Rights Issue announced by Morgan Crucible
on 19 February 2004 (the 'Rights Issue'). A total of 58,019,093 new Morgan
Crucible shares were offered to shareholders in the Rights Issue, which closed
at 11.00 a.m. today.

Subscribers have been procured for the remaining 3,028,177 new Morgan Crucible
shares, for which valid acceptances were not received, at a price of 135.5 pence
per share. The net proceeds from the sale of these shares, after the deduction
of the Rights Issue price of 100 pence per new Morgan Crucible share and
relevant costs, will be paid to shareholders who have not taken up their
entitlements, pro rata to their lapsed provisional allotments. As a result of
the procurement of subscribers, neither the underwriters nor the
sub-underwriters will be required to subscribe for any new Morgan Crucible
shares.

The Rights Issue was fully underwritten by Cazenove & Co. Ltd.

Mr Warren Knowlton, Group Chief Executive, commented:

'We are delighted to have received such strong support from our shareholders.
The Rights Issue enables us to press ahead vigorously with our programme of cost
reduction and profit improvement to drive future profitability and cash flow
generation.'



Enquiries

Cazenove & Co. Ltd                      Tel:         [phone]

Julian Cazalet

Robert Constant

Media enquiries: Finsbury Group         Tel:         [phone]

Rupert Younger

Charlotte Hepburne-Scott

Definitions used in the prospectus dated 19 February 2004 issued by the Company
shall have the same meanings when used in this announcement unless the context
otherwise requires.

This announcement shall not constitute or form any part of, and should not be
construed as any offer or invitation to subscribe for, underwrite or otherwise
acquire, or any solicitation of any offer to purchase or subscribe for New
Ordinary Shares (the 'Securities').

The Securities have not been and will not be registered under the United States
Securities Act of 1933, as amended, (the 'Securities Act') or under the laws of
any State in the United States nor will they qualify for distribution under any
of the relevant securities laws of the Excluded Territories nor has any
Prospectus in relation to the New Ordinary Shares been lodged with or registered
by the Australian Securities and Investments Commission.  Accordingly, subject
to certain exemptions, the Securities may not be offered, sold, delivered or
transferred, directly or indirectly, in or into the United States or the
Excluded Territories or any other jurisdiction where to do so would be illegal.
There is no public offer of Securities in the United States or any Excluded
Territory.

This announcement is not for publication or distribution or release, directly or
indirectly, in either the United Sates, Canada, Australia, Japan, the Republic
of Ireland or the Republic of South Africa or to publications with a general
circulation in those jurisdictions.

Cazenove & Co. Ltd is acting as financial adviser, sponsor and broker to the
Rights Issue and no-one else and will not be responsible to anyone other than
Morgan Crucible for providing the protections afforded to clients of Cazenove &
Co. Ltd nor for providing advice in connection with the Rights Issue or the
contents of the Prospectus or this announcement or any other matter referred to
therein.


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