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McMullen & Sons Ld (53HK)

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Thursday 22 January, 2004

McMullen & Sons Ld

Capital Reduction

McMullen & Sons Ld
22 January 2004

FOR IMMEDIATE RELEASE.

22 January 2004

McMullen & Sons, Limited ('McMullen' or 'the Company')

Registration of Court Order and Completion of Share Repurchase and Capital
Reduction

McMullen is pleased to announce that, following the approval yesterday of the
Court to the proposal to cancel and repay the 6.5 per cent. Preference Shares
and the 10.5 per cent. Preference Shares (which was approved by Shareholders at
class meetings and an EGM on 11 December 2003) the Court Order was registered
earlier today with the Registrar of Companies.

Upon the registration of the Court Order, the Share Repurchase and the Capital
Reduction became effective.  The listings of the Preference Shares on the
Official List will be cancelled with effect from immediately before the
commencement of trading tomorrow.

Preference Shareholders will receive payments totalling approximately £6.3
million (excluding accrued dividends) under the Capital Reduction.

Following the expiry of the deadline on 19 January 2004 for the receipt of
Acceptance Letters under the Share Repurchase, the Board of McMullen announces
that valid acceptances were received for a total of 4,113,597 Non-voting
Ordinary Shares and 5,074,852 New Preferred Ordinary Shares, resulting in a
total payment to accepting Shareholders of approximately £37.3 million under the
Share Repurchase.

Cheques in respect of the Share Repurchase, the Capital Reduction and accrued
dividends on the Preference Shares will be dispatched to Shareholders on or
before 29 January 2004.

Further information is contained in the circular which was issued by McMullen on
17 November 2003 (the 'Circular').  Terms used in this announcement shall have
the same meaning as in the Circular.

Enquiries
McMullen & Sons, Limited                                  01992 584911

Charles Brims, Chairman

John Lythgoe, Finance Director




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            The company news service from the London Stock Exchange       SCZLLFLZFBEBBQ                                                                                                                                                                                                                                                 

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