Creditors' Meeting

Reece PLC
24 January 2002



24 January 2002

                                  REECE PLC



                               CREDITORS' MEETING





Following the granting of the Administration Order in respect of Reece Plc in
the Chancery Division of the High Court of Justice, Birmingham District Registry
on 8 November 2001 the Joint Administrators, Andrew Michael Menzies and Neil
Tombs, partners in Grant Thornton, have duly convened a meeting of creditors
pursuant to Section 23 of the Insolvency Act 1986 to be held on 25 January 2002.
The Joint Administrators are not, at this stage, submitting for approval a
formal proposal for a company voluntary arrangement but merely seeking to obtain
creditors approval of the objective to propose, in due course, a company
voluntary arrangement should the circumstances, at the relevant time, require
it.



The administrators have received an expression of interest in refinancing the
company and propose to conclude discussions by the date of the creditors
meeting. This expression is at a very early stage and it may or may not result
in a satisfactory outcome for the company and may or may not result in the need
to propose a formal voluntary arrangement and/or in funds becoming available for
creditors and/or members. Whilst members are not entitled to attend the meeting
of creditors they are entitled to a copy of the proposals by applying in writing
to Grant Thornton's office at Enterprise House, 115 Edmund Street, Birmingham B3
2HJ.



Yours sincerely
for and on behalf of Reece plc



Andrew M Menzies and Neil Tombs
Joint Administrators





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