Sale of Investment Management Business &Other News

Raphael Zorn Hemsley Hldgs PLC
28 March 2000



Raphael Zorn Hemsley Holdings Plc ('RZH')

Sale of investment management business, part transfer of private client
stockbroking activity and proposed name change

The Board of RZH is pleased to announce that it has exchanged contracts with
Savoy Asset Management plc ('SAM') for the sale of its investment management
subsidiary, Raphael Asset Management Ltd, together with the transfer of
certain parts of its private client stockbroking function.  Any remaining
elements of the latter will be wound down in due course.

The proceeds of the sale will be invested in the Group's investment banking
and capital market activities as part of the ongoing strategy of enhancing its
position within a widening selection of specialist sectors.

RZH has diversified from its focus on the insurance and other financial
sectors, where it is a recognised leader, to include a wider range of sectors,
including, more recently, accountancy and e-commerce.  Our emerging technology
team is growing its activities rapidly as it explores the considerable
opportunities being presented by developments in the fields of, inter alia,
biotechnology and the Internet.

To reflect these changes within the company, RZH will be seeking shareholder
approval to change the Company's name to 'Numis Corporation Plc'.  As a
result, the names of the Group's subsidiary companies would be changed
accordingly.  Raphael Zorn Hemsley Ltd, the Group's principal subsidiary, will
be renamed Numis Securities Ltd.  As part of the transaction with SAM, SAM
will also acquire use of the names 'Raphael' and 'Zorn'. An EGM will be
convened shortly to approved the change of name.

Oliver Hemsley, Chief Executive of RZH, said: 'The sale of these businesses
forms part of our strategy of focusing on our core strengths of investment
banking and capital markets.  I am delighted by the progress we have already
made in enhancing our activities within our chosen specialist sectors and am
excited about the prospects for the future.'

RZH's interim results to 31 March 2000 are due to be announced in May when,
inter alia, the strategy for the new shaped group will be outlined in more
detail.  Current trading reflects the encouraging start to the year announced
in the Group's annual report for the year ended 30 September 1999 and the
interim figures are expected to be significantly better than the equivalent
figures for the same period last year.

Financial details of the transaction

The consideration for the disposals(which is payable in cash on completion) is
expected to be approximately £2.5 million but is subject to some adjustment by
reference to funds under management at completion.  Raphael Asset Management
Limited ('RAM') recorded a pre-tax loss of £0.3m in respect of the year ended
30 September 1999 and, extracted from the Group's management accounts, RZH
also recorded a pre-tax loss of £0.3m in respect of its private client
stockbroking activities for the same period.  RAM's net assets as at 30
September 1999 were £0.1m.  There are no assets attributable to that part of
RZH's private client function being transferred other than certain staff and
the use of 'Raphael' and 'Zorn' names.  RZH's costs involved in winding down
the remainder of its private clients business are expected to amount to £0.3m
in addition to a recurring cost of approximately £0.2m per annum.  Completion
is subject, inter alia, to regulatory approval and SAM shareholder approval.

Today's announcement follows an earlier one on 18 January 2000, when the Group
said it was in preliminary discussions with a third party regarding a possible
sale.

Telephone:
Oliver Hemsley   Chief Executive          020 7776 1595
Sarah Bagnall    Citigate Dewe Rogerson   020 7282 2939