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General Industries (GNI)

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Wednesday 15 February, 2006

General Industries

Result of EGM and Placing

General Industries PLC
15 February 2006


Press Release


                              General Industries PLC

                            Result of EGM and Placing


                    Reverse Takeover of ImmuPharma approved


For immediate release                                         15th February 2006



At the Extraordinary General Meeting of General Industries PLC ('GI' or 'the
Company') held today all the resolutions were passed. These approved the
acquisition of ImmuPharma PLC ('ImmuPharma'), an increase in the authorised
share capital and powers of allotment; and the change of General Industries
PLC's name to ImmuPharma PLC.


The change of name will be effective when Companies House issues the relevant
certificate of incorporation on change of name. Existing share certificates
bearing the name General Industries PLC will cease to be valid on 28 February
2006. New share certificates showing the Company's new name will be posted on or
about 28 February 2006. During the interim period (if any) transfers will be
certified against the register.


A resolution was also passed (on a poll) at the Extraordinary General Meeting
approving the waiver of a potential Takeover Code requirement for a general
offer for GI which would otherwise arise from the allotment of over 30% of the
enlarged issued share capital of the Company to Dr Robert Zimmer and members of
his family. Dr Zimmer and his family are vendors of ImmuPharma and are being
allotted 23,215,194 new Shares in the Company in exchange for their holdings of
ImmuPharma shares. In addition Dr Zimmer, who is the Chief Scientific Officer,
has been granted options to subscribe for 750,000 Shares. Accordingly Dr Zimmer
and his family could hold up to 23,965,194 Shares (representing 35.2% of the
enlarged issued share capital).


The final placing statistics are as follows:

Placing Price                                        42.5p

Number of Placing Shares                             5,188,149

Number of Shares in issue following the 
acquisition of ImmuPharma and the Placing            68,138,149


Gross proceeds of the Placing                        £2,204,963


The enlarged issued share capital comprises (in percentage terms):

Existing GI shares                                   6.2%

Placing Shares                                       7.6%

Consideration Shares issued to the 
ImmuPharma vendors                                   86.2%


The acquisition of ImmuPharma and the Placing are now only conditional on the
Admission of the enlarged issued share capital to trading on AIM, which is
expected to take place on 17 February 2006.


At a board meeting following the Extraordinary General Meeting today, Richard
Warr, Dr Robert Zimmer, Dimitri Dimitriou, Patrick Walker-Taylor, Douglas
Paterson and Anthony Johnson were appointed to the board following which Richard
Wollenberg, Anthony Shakesby, Derek Joseph and Ian Reynolds resigned.


Dawnay, Day Corporate Finance Ltd ('Dawnay Day') has been appointed as the
Company's Nominated Adviser and KBC Peel Hunt Ltd continues to act as the
Company's broker.


Enquiries:

Richard Warr, Executive Chairman                         Tel: 020 7152 4080

Dr Robert Zimmer, President of ImmuPharma                Tel: 0033 389 57 86 00

David Floyd, Dawnay, Day Corporate Finance Ltd           Tel: 020 7509 4570

Capel Irwin, KBC Peel Hunt Ltd                           Tel: 020 7418 8907

Caroline Cecil, Caroline Cecil Associates                Tel: 020 7610 4110


The persons responsible for this announcement are the directors of General
Industries PLC


Dawnay Day is acting for GI in its capacity as Nominated Adviser and for
ImmuPharma and no-one else. It will not be responsible to any other person for
providing the protection afforded to customers of Dawnay Day or for giving
advice in relation to the reverse takeover or Placing.


KBC Peel Hunt Ltd is acting for GI and no-one else and will not be responsible
to any other person for providing the protection afforded to customers of KBC
Peel Hunt Ltd or for giving advice in relation to the reverse takeover or
Placing.


This announcement does not constitute an offer or invitation to subscribe for
securities.







                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                                                                                                                                                                                           

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