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First London Securities plc (FLSP)

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Friday 18 July, 2008

First London Securities plc

Issue of Equity COMPLETION OF BELGRAVIA ACQUISI...

FIRST LONDON COMPLETES ACQUISITION OF BELGRAVIA'S FINANCIAL SERVICES OPERATION.

First  London  plc  today announced that it has closed the  acquisition  of  the
financial services operations of Belgravia.

Guy  Saxton  CEO  of First London commented " We are delighted to  announce  the
closing of the acquisition of this successful financial services operation  with
over  $900m of assets under management and historic EBITDA in excess  of  £7m.We
are  especially excited about the synergies and cost benefits of integrating the
team  and  product mix with our existing infrastructure ." Saxton continued  "We
believe  that there is an opportunity to build upon the successful track  record
of  the asset management business which has consistently outperformed the market
and  by  marketing their products across our expanded distribution  network.  In
addition  their established advisory business in the Gulf will be  an  excellent
platform for building out our franchise in the Middle East".

The  consideration payable for the acquisition was 46,000,000 at 65p, 10,000,000
of  which  are being held in escrow pending regulatory approvals for certain  of
the businesses purchased. Therefore the Company is allotting 36,000,000 ordinary
shares in the Company, and will allot a further 10,000,000 ordinary shares by  8
October 2008 pursuant to the Company's acquisition of the financial services and
asset  management  operations  of  Belgravia Financial  Services  Group  Limited
("Belgravia"). An acquisition agreement was entered into between the Company and
Belgravia on 4 June 2008.

The ordinary shares in the Company will be allotted pursuant to the terms of the
agreement  between the parties. Once all 46,000,000 shares have been issued  the
Belgravia  Shareholders will hold 34.159% of the enlarged share capital  of  the
Company.


TAKEOVER PANEL CODE

Under  Rule  9  ("Rule 9") of the Takeover Code, when any person,  or  group  of
persons  acting  in  concert, acquires an interest in shares which,  when  taken
together with an interest in shares already held by him or an interest in shares
held or acquired by persons acting in concert with him, carries 30 per cent.  or
more  of  the voting rights of a company which is subject to the Takeover  Code,
that  person  is  normally  obliged to make a  general  offer  in  cash  to  all
shareholders  at the highest price paid by him or any person acting  in  concert
with him within the preceding 12 months.

The Takeover Panel (the "Panel") can grant a dispensation from the provisions of
Rule  9  on the basis that over 50 per cent. of the shareholders of the Company,
excluding  persons  connected with the offeror or any  associated  company  (the
"Independent Shareholders") pass an ordinary resolution on a poll (a  "Whitewash
Resolution") approving such a waiver. The Panel also has the power to waive  the
requirement  for  a  Whitewash Resolution to be put to the shareholders  of  the
Company at a general meeting where Independent Shareholders holding more that 50
per  cent  of  the  Company's shares capable of being voted on  such  resolution
confirm in writing that they would vote in favour of a Whitewash Resolution were
one  to  be  put to the shareholders of the Company at a general  meeting.   The
Company  has  obtained such written conformation from over 50 per  cent  of  the
Independent  Shareholders  and  the  Panel has  waived  the  requirement  for  a
Whitewash Resolution.


EFFECTS ON THE CORPORATE STRUCTURE

The  terms  of  the  acquisition result in First London issuing  46,000,000  new
ordinary shares. This equates to 34.159% of the enlarged issued share capital of
the Company.

The  following  shareholders now hold more than 3% of the issued  share  capital
based on 134,663,459 ordinary shares in issue:

                                                Number of shares    Percentage
Condor Ventures Limited                             21,000,000        15.59%
WB Nominees Limited                                  6,000,000         4.45%
Beme Capital Limited                                 5,330,000         3.95%
Innovation Capital Limited                           4,524,000         3.35%

Directors Holdings:

Name                           Number of shares            Percentage    Options

Robert Barker                             0                     -         300,000
Theresa Dowling Phillips                  0                     -         300,000
Guy Saxton                        1,000,000                   0.74%     1,000,000
Andrew Turner                     1,000,000                   0.74%     1,000,000
Andrew Cosentino                          0                      -         50,000
Nicolas Chance                            0                      -              0

TOTAL                             2,000,000                   1.48%     2,650,000


CONTACT DETAILS

First London plc                                  Tel: 020 7451 2466
Guy Saxton

Axiom Capital Limited                             Tel: 020 8455 0011
David Sinclair

Tavistock Communications                          Tel: 020 7920 3150
John West

The Directors of First London plc accept responsibility for the content of this
announcement.                                             

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